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Fed has no intention of lowering rates any time soon as inflation remains high

SOTIO Biotech

11/7/2024 | 3 minuty čtení

The Nasdaq Biotech Index added 3 % during June, but long-term trend remains flat. The Fed has no intention of lowering rates any time soon as inflation remains high and also such action would likely require that labor markets weaken significantly.

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	2.55 – 3.64	-8	%	261	-22
	Elevation Oncology	ELEV	2.35 – 3.78	-33	%	148	-72
	Mersana Therapeutics	MRSN	1.99 – 2.35	-14	%	230	-37
	Sutro Biopharma	STRO	2.92 – 4.10	-31	%	240	-106
IL15 / 2	ImmunityBio	IBRX	5.60 – 7.34	-2	%	4 371	-69
	Mural Oncology	MURA	3.07 – 3.41	-7	%	53	-4
	Nektar Therapeutics	NKTR	1.07 – 1.42	-2	%	228	-6
	Werewolf Therapeutics	HOWL	2.34 – 3.99	-53	%	106	-119
CAR-T	Allogene Therapeutics	ALLO	2.33 – 2.61	-7	%	398	-29
	Arcellx	ACLX	50.78 – 56.12	6	%	2 953	171
	Autolus Therapeutics	AUTL	3.33 – 4.53	-17	%	926	-189
	Mustang Bio	MBIO	0.13 – 0.85	135	%	6	3
Other	Arcus Biosciences	RCUS	15.16 – 17.00	1	%	1 385	15
	Immutep	IMMP	1.87 – 2.98	-33	%	180	-87
	MacroGenics	MGNX	4.07 – 4.99	4	%	266	10

ADC Therapeutics

ADC Therapeutics announced that the Company is set to join the Russell 2000 Index and the broad-market Russell 3000 Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US markets on July 1.

Elevation Oncology

Elevation announced plans to expand its ongoing Phase 1 trial to include two combination cohorts evaluating EO-3021 for the treatment of advanced gastric or gastroesophageal junction cancer. Following recently signed clinical supply agreements with Eli Lilly and GSK, Elevation will evaluate EO-3021 with ramucirumab, a VEGFR2 inhibitor, in second-line patients and in combination with dostarlimab, a PD-1 inhibitor, in the front-line setting.

Mersana Therapeutics

Short interest of Mersana increased by 16 % to 10,452,033 reported on June 14, compared to 8,989,035 on May 15.

Sutro Biopharma

Short interest of Sutro increased by 17 % to 2,288,852 reported on June 14, compared to 1,945,839 on May 15.

ImmunityBio

ImmunityBio announced insurance coverage of Anktiva across multiple states with first commercial doses administered just weeks after FDA approval. Anktiva was approved by the FDA on April 22 for the treatment of patients with BCG-unresponsive non-muscle invasive bladder cancer carcinoma in situ with or without papillary tumors.

Mural Oncology

Mural’s management participated in the East Coast IDEAS Investor conference on June 13.

Nektar Therapeutics

Nektar announced the presentation of a poster highlighting new preclinical data on NKTR-0165 at the EULAR 2024 congress. NKTR-0165 demonstrated selective enhancement of Treg cell function through novel agonistic mechanism. IND-enabling studies are underway with first-in-human studies planned in the first half o 2025.

Werewolf Therapeutics

Werewolf announced new clinical data from the Phase 1/1b trial evaluating WTX-124, its conditionally activated IL-2 INDUKINE molecule, in patients with locally advanced or metastatic solid tumors after checkpoint inhibitor therapy. The data were presented in a poster session at the 2024 ASCO meeting. WTX-124 was shown to be clinically active and generally well tolerated in patients who were relapsed or refractory to immune checkpoint inhibitors.

Allogene Therapeutics

Allogene announced the initiation of the pivotal Phase 2 ALPHA3 trial evaluating the use of cemacabtagene ansegedleucel (cema-cel) as part of the first line treatment regimen for newly diagnosed LBCL patients who are likely to relapse after standard first line treatment and need further therapy. The trial is expected to complete enrollment in the first half of 2026.

Autolus Therapeutics

Autolus announced three abstracts were presented at the EHA congress. The presentations included updates on obe-cel in relapsed or refractory B-cell acute lymphoblastic leukemia patients. ORR in all patients who received obe-cel in the FELIX study was 78%.

Arcellx

Short interest of Arcellx increased by 24 % to 4,809,180 reported on June 14, compared to 3,873,377 on May 15.

Mustang Bio

Mustang announced that updated data from the ongoing Phase 1/2 trial of MB-106, a CD20-targeted, autologous CAR T-cell therapy, show a favorable safety and efficacy profile in patients with Waldenstrom macroglobulinemia (WM), a rare form of blood cancer. All patients were heavily pretreated or refractory to BTK inhibitors. Overall, 90% (9/10) of the patients treated with MB-106 responded to treatment, including 3 complete responses, 2 very good partial responses and 4 partial responses. In addition, 1 patient experienced a stable disease. Currently there is no FDA-approved treatment for WM.

Immutep

Immutep announced that it has entered into a clinical trial collaboration and supply agreement with Merck & Co. to evaluate efti in combination with pembrolizumab and chemotherapy for the first-line treatment of metastatic NSCLC in a pivotal Phase 3 trial. The TACTI-004 trial will enroll approximately 750 patients regardless of PD-L1 expression.