Fed voted to hold the target rate unchanged again, yet the NBI added 6 % during May

Monthly market moves of selected competitors compared to NASDAQ Biotechnology Index (NBI)

ADC Therapeutics 

ADCT presented its 1Q 2024 results reporting net product revenues of $18 million, compared to $19 million for 1Q 2023. The company also announced a $105 million underwritten offering of common shares and pre-funded warrants. Separately, the company announced initial data from Phase 2 trial of Zynlonta in patients with relapsed or refractory marginal zone lymphoma. 

Elevation Oncology 

Elevation reported that enrollment in Phase 1 trial of EO-3021 in the US and Japan is ongoing, with initial data expected in mid-3Q 2024. Separately, the company announced in its quarterly results that net loss for the 1Q 2024 was $11 million, compared to $17 million for the 1Q 2023. 

Mersana Therapeutics 

Mersana reported in its 1Q 2024 financial results that its net loss for the period was $19 million, or $0.16 per share, compared to a net loss of $56 million, or $0.52 per share, for the same period in 2023. 

Sutro Biopharma 

Sutro announced its Phase 2 expansion study of luvelta in combination with bevacizumab in platinum-resistant ovarian cancer is underway, with the enrollment expected to be complete in the first half of 2024. In its 1Q results, Sutro reported revenue of $13 million as compared to $13 million for 1Q 2023, with the 2024 amount related principally to the Astellas collaboration. 

ImmunityBio 

ImmunityBio announced that the drug substance has been completed and successfully qualified for "fill finish" (filling vials and finishing packaging), sufficient for 170,000 doses of 400mcg Anktiva. Coupled with the recent announcement of a partnership with the Serum Institute of India for BCG availability, this provides the company with a significant initial supply of Anktiva for commercial and clinical trial use in advance of the full operation of the company’s own drug substance and fill-finish manufacturing plants in California and New York. 

Mural Oncology 

Mural presented clinical data from ARTISTRY-3, showing nemvaleukin demonstrated pharmaco-dynamic proof of mechanism and that it was generally well tolerated at all doses tested. In its 1Q results, Mural reported net loss of $31 million for the period compared to $47 million for 1Q 2023. 

Nektar Therapeutics 

Nektar reported net loss for 1Q 2024 of $39 million, or $0.19 per share, as compared to a net loss of $137 million, or $0.73 per share in the first quarter of 2023. 

Werewolf Therapeutics 

Werewolf presented updated single agent dose escalation results showing the data continues to demonstrate that WTX-124 is well tolerated and clinically active in patients with checkpoint therapy relapsed or refractory cancers. In its 1Q results, the company reported a net loss of $16 million, compared to $12 million for 1Q 2023. 

Allogene Therapeutics 

Allogene announced the pricing of an underwritten offering of 37,931,035 shares of its common stock at a price of $2.90 per share. The gross proceeds from this offering are expected to be approximately $110 million. Separately, the company reported in its 1Q results net loss of $65 million, or $0.38 per share, compared to net loss of $100 million, or $0.69 per share, for the 1Q 2023. 

Autolus Therapeutics 

Autolus presented its 1Q 2024 financial results reporting a net loss of $53 million, or $0.24 per share, compared to $40 million, or $0.23 per share for 1Q 2023. 

Arcellx 

Arcellx and Kite have announced plans to commence a Phase 3 trial of anito-cel (BCMA CAR-T) for treating elapsed or refractory multiple myeloma. The company also reported a net loss for 1Q 2024 was $7 million, compared to $27 million for 1Q 2023. 

Mustang Bio 

Mustang announced the closing of its previously announced public offering for the purchase and sale of an aggregate of 16,877,638 shares of its common stock. The gross proceeds from the offering were approximately $4 million. 

Immutep 

Immutep announced initial encouraging data from EFTISARC-NEO, a Phase 2 trial of efti in combination with radiotherapy, a standard-of-care treatment, plus pembrolizumab for patients with soft tissue sarcoma. The combination is well tolerated and has led to encouraging initial efficacy data. Four of six patients treated have very good responses. 

MacroGenics 

MacroGenics shares plunged after the biotech reported that five patients died in a study of the company’s cancer drug. MacroGenics said two of the deaths were deemed unrelated to the drug, known as vobra duo, according to researchers. Separately, the company reported 1Q loss of $52 million, compared to $38 million in 1Q 2023.