Buysiders and bankers are optimistic headed into 3Q24, as markets are rewarding positive catalysts. But uncertainty over the Fed’s timing on interest rate cuts is keeping a lid on how far the optimism can extend. Fed maintained rates steady, a cut is expected in coming months and NBI added 7 %.
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Fed holds interest rates steady, but a cut is expected in coming months; NBI added 7 %
Monthly market moves of selected competitors compared to NASDAQ Biotechnology Index (NBI)
|
Area |
Company |
Ticker |
Price range $ |
Δ Price |
MktCap $m |
Δ MktCap $m |
|
|
ADC |
ADC Therapeutics |
ADCT |
3.06 – 4.01 |
5 |
% |
274 |
13 |
|
Elevation Oncology |
ELEV |
2.56 – 3.02 |
-3 |
% |
144 |
-4 |
|
|
Mersana Therapeutics |
MRSN |
1.83 – 2.25 |
0 |
% |
229 |
-1 |
|
|
Sutro Biopharma |
STRO |
2.88 – 4.49 |
35 |
% |
325 |
85 |
|
|
IL15 / 2 |
ImmunityBio |
IBRX |
5.15 – 6.70 |
-19 |
% |
3 562 |
-809 |
|
Mural Oncology |
MURA |
2.97 – 3.55 |
13 |
% |
60 |
7 |
|
|
Nektar Therapeutics |
NKTR |
1.17 – 1.48 |
8 |
% |
246 |
18 |
|
|
Werewolf Therapeutics |
HOWL |
2.06 – 2.95 |
-8 |
% |
98 |
-8 |
|
|
CAR-T |
Allogene Therapeutics |
ALLO |
2.08 – 3.50 |
26 |
% |
502 |
14 |
|
Arcellx |
ACLX |
53.25 – 65.92 |
12 |
% |
3 307 |
354 |
|
|
Autolus Therapeutics |
AUTL |
3.38 – 4.69 |
35 |
% |
1 248 |
322 |
|
|
Mustang Bio |
MBIO |
0.30 – 0.56 |
-29 |
% |
4 |
-2 |
|
|
Other |
Arcus Biosciences |
RCUS |
13.84 – 16.41 |
8 |
% |
1 493 |
107 |
|
Immutep |
IMMP |
1.88 – 2.31 |
7 |
% |
193 |
13 | |
|
MacroGenics |
MGNX |
3.76 – 5.55 |
-12 |
% |
236 |
-31 | |
ADC Therapeutics
ADC Therapeutics announced that it will host a conference call August 6 to report financial results for the second quarter 2024 and provide operational updates.
Elevation Oncology
Short interest of Elevation increased by 26 % to 6,682,525 reported on July 15, compared to 5,296,062 on June 14.
Mersana Therapeutics
Mersana’s members of management presented at the Goldman Sachs 45th annual global healthcare conference.
Sutro Biopharma
Sutro announced the appointment of Barbara Leyman as Chief Business Development Officer, effective July 8. Dr. Leyman brings 20 years of life science industry BD, investing, and corporate strategy experience to Sutro, most recently served as SVP of Corporate Development at GenEdit, a developer of genetic medicines.
ImmunityBio
ImmunityBio announced it will release its second quarter 2024 financial results and operational highlights before the opening of US markets on August 13. The company’s largest shareholder CSO Patrick Soon-Shiong sees value of holdings go down 6.5% after recent drop.
Mural Oncology
Mural announced the appointment of veteran BD executive George Golumbeski to its board of directors effective July 30. He currently serves as a partner in DROIA Ventures, a specialist biotech investment firm focused on therapeutics for oncology and genetic disease.
Nektar Therapeutic
Short interest of Nektar increased by 124 % to 9,724,532 reported on July 15, compared to 4,337,667 on June 14. The share price may likely drop in upcoming weeks.
Werewolf Therapeutics
Short interest of Werewolf increased by 116 % to 1,051,758 reported on July 15, compared to 487,913 on June 14. The share price may likely drop in upcoming weeks.
Allogene Therapeutics
Allogene announced that Rocky Mountain Cancer Centers, part of the US Oncology Network and Sarah Cannon Research Institute; Astera Cancer Care, a multi-specialty community oncology practice and part of the OneOncology network; and Norton Cancer Institute, are open for enrollment in the pivotal Phase 2 ALPHA3 trial.
Autolus Therapeutics
Autolus announced it will release its second quarter 2024 financial results and operational highlights before the opening of US markets on August 8. Short interest of Autolus increased by 85 % to 11,901,308 reported on July 15, compared to 6,428,136 on June 14. The share price may likely drop in upcoming weeks.
Arcellx
The company’ s CFO Michelle Gilson sold 12,877 shares of Arcellx, decreasing her position in the company by 65 %.
Mustang Bio
Short interest of Mustang increased by 86 % to 1,267,933 reported on July 15, compared to 680,992 on June 14. The share price may likely drop in upcoming weeks.
Immutep
Immutep announced it has received regulatory clearance from the ethics and competent authority in the Netherlands to initiate the first-in-human Phase 1 study of IMP761. IMP761 is the world’s first therapeutic LAG-3 agonist antibody and as such is uniquely positioned in the treatment landscape for autoimmune diseases. Separately, it also announced that positive feedback has been received from FDA regarding the planned TACTI-004 Phase 3 trial of efti in combination with Keytruda and histology-based platinum doublet chemotherapy for the treatment of first-line metastatic NSCLC, regardless of PD-L1 expression.
MacroGenics
Short interest of Macrogenics decreased by 29 % to 7,741,295 reported on July 15, compared to 10,864,124 on June 14. The share price may likely rise in upcoming weeks. The company also announced the achievement of $100 million in milestones from Incyte related to development progress of Zynyz (retifanlimab-dlwr). Zynyz is an intravenous PD-1 inhibitor indicated in the US for treatment of metastatic or recurrent locally advanced Merkel cell carcinoma.
