- The 62nd ASH Annual Meeting and Exposition held virtually this year from December 5-8, 2020, has highlighted promising experimental therapies in biotech, enabling their developers to fortify their balance sheets through secondary offers as investors pore through the trial data.
- Since November 4, when the Ash abstracts were initially posted, the promising trial results have powered the winners to sharply rise in value and a slew of public offers have followed.
- IGM Biosciences (NASDAQ:NASDAQ:IGMS) has more than doubled in value after reporting favorable data for its bispecific antibody therapy, IGM-2323, in patients with relapsed/refractory B cell non-Hodgkin’s lymphoma.
- The multicenter, open-label Phase 1 dose-escalation trial yielded what the company identified as the first-in-human clinical results of an engineered IgM antibody, and shares jumped +16.6% on Monday after the presentation held over the weekend.
- Capitalizing on the gain, a public offer followed, which was later upsized by the company to ~$200M. The share issuance valued at $90.00 a piece is more than +81.8% higher than its stock price on November 04.
- Meanwhile, Global Blood Therapeutics (NASDAQ:NASDAQ:GBT) has lost more than a third over the period amid analyst downgrades and concerns over emerging new competition. The company’s sickle cell disease drug, Oxbryta is likely to face intense rivalry after Forma Therapeutics (NASDAQ:NASDAQ:FMTX) demonstrated in the ASH meeting favorable proof-of-concept data in an ongoing Phase 1 trial for FT-4202, its candidate for sickle cell disease.
- Riding on the success, Forma has announced a public offer as shares have gained more than a quarter in value over the past 30-day period.