US stocks fell on concern a rebound of Covid cases would slow down economic growth

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

ADC Therapeutics

ADCT announced that it will host a conference call and live webcast on Tuesday, August 3, 2021 to report financial results for the second quarter 2021 and provide business updates.

Immunogen

ImmunoGen came out with a quarterly loss of $0.15 per share versus the estimate of a loss of $0.18. This compares to loss of $0.14 per share a year ago. Company generated $16.9 million in revenue, which consisted primarily of non-cash royalty revenues. Immunogen expects 2021 revenues to be between $65 million and $75 million.

Mersana Therapeutics

Mersana announced the initiation of patient dosing in UPGRADE Phase 1 dose escalation umbrella study to evaluate safety and efficacy of upifitamab rilsodotin (XMT-1536) in combination with other ovarian cancer therapies. To date, upifitamab demonstrated clinically meaningful activity and a differentiated tolerability profile without severe neutropenia, peripheral neuropathy or ocular toxicity in patients with heavily pretreated platinum-resistant ovarian cancer.

Seattle Genetics

Seagen and Astellas announced that FDA granted Padcev (enfortumab vedotin-ejfv) regular approval in US, in addition to approving a new indication for adult patients with locally advanced or metastatic urothelial cancer who are ineligible for cisplatin-containing chemotherapy and have previously received one or more prior lines of therapy. Separately, company reported quarterly loss of $0.47 per share versus the estimate of a loss of $0.61. This compares to loss of $0.54 per share a year ago.

Alkermes

Alkermes reported second-quarter 2021 adjusted earnings of $0.30 per share, which beat the estimate of $0.12. The company’s revenues of $304 million increased 23% from the year-ago quarter.

Nektar Therapeutics

Nektar will announce its financial results for the second quarter 2021 on Thursday, August 5, 2021.  Separately, the company has appointed Dimitry S. A. Nuyten MD PhD, as Senior Vice President and Chief Medical Officer.

Xencor

Xencor has been on a downward spiral lately with significant selling pressure. After declining 11% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.

Allogene Therapeutics

Allogene announced that FDA has granted Fast Track designation to its ALLO-605 for treatment of relapsed/refractory multiple myeloma. ALLO-605 is Allogene’s next-generation allogeneic chimeric antigen receptor T cell investigational therapy targeting BCMA to treat patients with relapsed or refractory multiple myeloma and other BCMA-positive malignancies.

Autolus Therapeutics

Autolus will release its second quarter 2021 financial results and operational highlights before open of US markets on Thursday, August 5, 2021. The company also announced appointment of Edgar Braendle MD PhD as chief development officer.

Bellicum Pharmaceuticals

Bellicum announced an equity inducement grant to one new employee consisting of an aggregate of 15,000 stock options. The stock options have an exercise price of $2.86 per share and vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and 1/48 of the shares vesting monthly thereafter.

Mustang Bio

The short interest of Mustang decreased in July by 10% to 3,587,036 on June 15, compared to 4,007,029 on June 30.

Arcus Biosciences

Arcus shares surged on expectations for a closer relationship with Gilead, after its executive jumped ship for a role at Gilead. Arcus Chief Medical Officer Bill Grossman resigned effective July 26 and became the senior vice president of oncology clinical research at Gilead. Arcus and Gilead have a 10-year partnership to develop and commercialize next-generation cancer immunotherapies.

Immutep

Immutep announced it has completed all the necessary competent authority steps with FDA and has received IRB approval to commence its Phase 2b TACTI-003 trial in US. TACTI-003 will evaluate the eftilagimod alpha in combination with Keytruda as a first line therapy in approximately 154 patients with head and neck squamous cell carcinoma.

Clovis Oncology

Clovis will announce its second quarter 2021 financial results on Wednesday, August 4, 2021, before the open of the US financial markets. The company also announced the appointment of Dr. Ronit Simantov to its Board of Directors.