5 ASCO Abstracts That Moved Stocks

The annual American Society of Clinical Oncology conference kicks off in about two weeks. The annual meeting is scheduled between May 31 and June 4 in Chicago, Illinois, and is promoted as a conference offering education and scientific sessions in all disciplines of oncology.

Incidentally, biotech stocks are faring better than pharma stocks in reaction to the abstracts. Here are a few key presentations that moved stocks Thursday.

Gainers

MacroGenics Inc MGNX

The small-cap biotech said its margetuximab, developed using its proprietary Fc optimization platform, produced positive results in a late-stage study in HER2-positive metastatic breast cancer patients who have been previously treated anti-HER2-targeted therapies.

The company noted the median progression-free survival of patients treated with margetuximab and chemotherapy was 5.8 months compared to 4.9 months in patients treated with Roche's Herceptin and chemotherapy.

Shares were up 10 percent at time of publication Thursday afternoon.

Amgen, Inc. AMGN

The large-cap biotech, although due to present data on seven investigational assets, highlighted AMG 510 as the key candidate to watch. AMG 510, which is in the early stage of development, is a Kras G12C inhibitor. Out of the 22 subjects enrolled, tumor response was measured in nine. One patient had a partial response, six had stable disease and two had progressive disease.

The company suggested it would start a combo treatment arm with a PD-1 inhibitor.

Shares were up 1.7 percent.

See Also: What's Triggering The Rise In Mirati Shares?

Mirati Therapeutics Inc MRTX, which is also developing a KRAS G12C inhibitor, codenamed MRTX849, reacted with a strong move to the upside. The asset is currently in IND-enabling studies – a precursor for filing IND, which will facilitate the commencement of clinical trials.

Shares were up 15 percent.

Roche Holdings AG Basel ADR RHHBY

Roche announced positive Phase 1/2 data for its STARTRK-NG study that evaluated its investigational drug entrectinib in children and adolescents with recurrent or refractory solid tumors with and without neurotrophic tyrosine receptor kinase, ROS1 or anaplastic lymphoma kinase (ALK) gene fusions.

Shares were up 2.2 percent.

Losers

Nektar Therapeutics NKTR

Nektar's abstract on NKTR-214, a CD122-preferential IL-2 pathway agonist currently being studied in a Phase 1/2 study, showed safety and efficacy in combination with Bristol-Myers Squibb Co BMY's Opdivo in heavily pretreated and refractory sarcoma patients.

Shares were down 7.5 percent.

Aduro BioTech Inc ADRO

The company said it has decided to discontinue the Phase 1/2 study of BION-1301, its humanized Immunoglobulin G4, or IgG4, monoclonal antibody, in multiple myeloma, citing a lack of ORR. However, the company has decided to pursue the development of the candidate in the IgA Nephropathy indication.

Shares were down 3 percent.