The Week Ahead In Biotech: Earnings Kickstart With J&J And Biogen, Albireo Awaits FDA Decisions, More IPOs

Biotech stocks were down for a second week in a row, as they retreated along with the broader market amid macro concerns. Consumer price inflation data released during the week stoked rate hike fears, and exerted negative pressure on stocks.

There were very few stock-specific catalysts, barring a few preannouncements, stock offerings, and a slew of initial public offerings.

The biggest disappointment of the week was FibroGen, Inc. FGEN, which lost roughly 50% of its market cap following an adverse AdCom verdict on its roxadustat, which is evaluated for treating anemia in chronic kidney disease patients.

Vaccine maker Moderna, Inc. MRNA was a standout this week, as its shares ended the week with a gain of about 22%, closing at an all-time high. In the process, the stock hit a key milestone of $100 billion in market cap.
Eli Lilly and Company LLY announced the acquisition of privately-held Promoter Technologies for over $1 billion, including potential milestone payments. Promoter's portfolio is expected to add value to Lilly's diabetes franchise.

Here are the key catalytic events for the unfolding week:

Conferences

Mucopolysaccharides 2021, the 16th Annual International Symposium of MPS and Related Diseases: July 23-25

Related Link: Attention Biotech Investors: Mark Your Calendar For July PDUFA Dates

PDUFA Dates

The Food and Drug Administration is expected to rule on Albireo Pharma, Inc.'s ALBO new drug application for odevixibat for the treatment of pruritus in patients with progressive familial intrahepatic cholestasis, a rare inherited progressive liver disease.
Bylvay has been approved as the brand name for odevixibat. The PDUFA goal date is Tuesday, July 20.

Related Link: 18 Key Biopharma Catalysts To Keep An Eye On In Q3

Earnings

Intuitive Surgical, Inc. ISRG (Tuesday, after the close)
Johnson & Johnson JNJ (Wednesday, before the market open)
Abbott Laboratories ABT (Thursday, before the market open)
Biogen Inc. BIIB (Thursday, before the market open)
Quest Diagnostics Incorporated DGX (Thursday, before the market open)
NeuroMetrix, Inc. NURO (Thursday, before the market open)

IPOs

IPO Pricing

AbSci Corp is proposing to offer 12.5 million shares in an initial public offering at an estimated price range of $15-$17. The company's AI-powered Integrated drug creation platform enables the creation of novel biologics by unifying biologic drug discovery and cell line development into one simultaneous process. The company has applied for listing its shares on the Nasdaq under the ticker symbol ABSI.

Candel Therapeutics, Inc., a late clinical stage biopharma focused on helping patients fight cancer with oncolytic viral immunotherapies, has filed to offer 6.072 million shares in an IPO. The company expects to price the offering between $13 and $15 and has applied for listing its shares on the Nasdaq under the ticker symbol CADL.

Elicio Therapeutics, Inc., an oncology-focused clinical-stage biopharma, will offer 3.077 million shares in an IPO, with the price range estimated to be $12 and $14. The company has applied for listing its shares on the Nasdaq under the ticker symbol ELTX.

Ocean Biomedical, Inc. has filed to offer 3.2258 million shares in an IPO. The company expects to price the offering in the range of $14-$17. The biopharma focuses on licensing tech and innovations and developing them into products. It has applied for listing its shares on the Nasdaq under the ticker symbol OCEA.

IPO Quiet Period Expiry

Monte Rosa Therapeutics, Inc. GLUE
Miromatrix Medical Inc. MIRO
Elevation Oncology, Inc. ELEV
Acurx Pharmaceuticals, Inc. ACXP
Graphite Bio, Inc. GRPH
G Medical Innovations Holdings Ltd GMVD