The Daily Biotech Pulse: Evotec Earns $16M Milestone Payment, Genmab Hit With Adverse Tribunal Ruling, Quidel Announces Above-Consensus Q1 Revenues And More

Here's a roundup of top developments in the biotech space over the last 24 hours.

Stocks In Focus

Harpoon Announces Departure Of Chief Medical Officer

Harpoon Therapeutics, Inc. HARP announced that Natalie Sacks, chief medical officer, will be leaving the company effective June 1, 2022. Sacks will serve as a consultant to Harpoon through the end of the year.

The stock was slipping 9.66% to $4.30 in premarket trading.

Genmab Gets Adverse Tribunal Ruling On Darzalex Licensing Pact

Genmab A/S GMAB announced that the arbitral tribunal decided in favor of Johnson & Johnson's JNJ Janssen unit in the arbitration of two matters arising under its licensing agreement regarding daratumumab. Daratumumab, sold in the U.S. under the brand name Darzalex, was out-licensed by Genmab to Janssen.

Genmab has the right to seek review of the award, which it must do within a limited period of time. Such review should conclude with the issuance of a final award prior to the end of 2022. Genmab said it is currently considering its options.

Genmab shares were down 5.24% to $36.55 in premarket trading.

Quidel Expects Q1 Revenues Above Consensus Estimate

Quidel Corporation QDEL preannounced first-quarter revenues in the range of $990 million to $1,000 million, up 164% to 166%. Analysts, on average, estimate revenues of $817.3 million.

COVID-19 product revenues are expected to be approximately $836 million, composed of approximately $657 million in QuickVue COVID-19 test revenue and approximately $138 million in Sofia SARS antigen test revenue.

The stock was advancing 1.55% to $119.46 in premarket trading.

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Evotec Designates Another Program In Neuroscience Collaboration With Bristol-Myers Squibb

Evotec SE EVO said it has reached another program designation in its neuroscience collaboration with Bristol-Myers Squibb Company BMY. This has triggered a $16 million payment to Evotec.

The neuroscience collaboration with Bristol Myers Squibb was initiated in December 2016. It has also generated a first clinical stage program with EVT8683 as well as a pre-clinical stage pipeline.

Zynex Preannounces In-line Revenue For Q1

Zynex, Inc. ZYXI announced preliminary and unaudited revenue for the first quarter of $30.5 million to $31.5 million and adjusted EBITDA between $3 million and $4 million. Analysts, on average, estimate revenues of $31.04 million.

"Our Q1 2022 revenue estimate is approximately 26% higher than Q1 2021 and adjusted EBITDA is estimated to increase approximately 900% year over year," said Thomas Sandgaard, CEO of Zynex.

NexImmune Gains On Insider Transactions

NexImmune, Inc. NEXI disclosed in a series of filings that several of its executives exercised their options to buy shares in the company.

The stock was climbing 3.69% to $4.22 in premarket trading.

On The Radar

Clinical Readouts/Presentations

American Association for Cancer Research Annual Meeting Presentations

IO Biotech, Inc. IOBT: Phase 1/2 study of IO102-IO103 in combination with Bristol-Myers Squibb's Opdivo in metastatic melanoma

MEI Pharma, Inc. MEIP: Data on efficacy and immune profiling of zandelisib (ME-401) in a preclinical model of chronic lymphocytic leukemia

Rubius Therapeutics, Inc. RUBY: updated clinical data from the Phase 1 arm of the Phase 1/2 clinical trial of RTX-240 in patients with advanced solid tumors and relapsed/refractory acute myeloid leukemia (1:15 p.m. ET)