Xenon Pharma, ChemoCentryx lead weekly healthcare gainers; Prelude, Allogene trail

Oct. 08, 2021 9:40 PM ETCellectis S.A. (CLLS), CCXI, ALLO, CDXSBMY, XENE, MRUS, ADGO, NKTX, PRLDBy: Dulan Lokuwithana, SA News Editor

Bullish And Bearish Markets

Artystarty/iStock via Getty Images

  • While the S&P 500 index eked out a ~0.8% gain over the week, its healthcare constituents slipped ~0.3% to record the fifth consecutive weekly loss. Dragged down by biotech stocks, the sector became the second-worst performer in the index.
  • Among healthcare stocks with more than $300M market capitalization and over 100K average daily volume over the past five sessions, Xenon Pharmaceuticals (NASDAQ:XENE) led the gainers after reporting positive results from a mid-stage trial for its focal epilepsy candidate.
  • The Phase 2b X-TOLE study for XEN1101 met the primary endpoint indicating statistically significant and dose-dependent decline in monthly focal seizure frequency compared to the placebo, Xenon (XENE) said, sparking ~110.6% gain over the week.
  • ChemoCentryx (NASDAQ:CCXI) closely followed, leading a late rally to close ~109.0% higher for the week on FDA approval of its ANCA vasculitis candidate TAVNEOS (avacopan), which, according to Piper Sandler, came as a “positive surprise.” Ahead of the FDA decision, Seeking Alpha contributor Edmund Ingham predicted less than 50% chance for the treatment to get the regulatory nod.
  • Data readouts at a key industry conference — AACR-NCI-EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics — moved some biotech stocks this week, including Merus N.V. (NASDAQ:MRUS).
  • The clinical-stage oncology company jumped ~27.7% thanks to interim data released for its tumor candidate MCLA-158 as monotherapy in a Phase 1 trial involving patients with advanced head and neck squamous cell carcinoma.
  • Meanwhile, Codexis (NASDAQ:CDXS) extended gains to rise ~23.3% over the week amid hopes that it could benefit from the production of Merck’s (NYSE:MRK) much-anticipated COVID-19 pill, molnupiravir.
  • Rounding out the top five gainers, recently IPO’d Adagio Therapeutics (OTCPK:ADGO) gained ~22.7%. The developer of COVID-19 antibody therapies was among the worst performers last week after Merck (MRK) released promising data for its coronavirus pill.
  • Turning to the worst performers, Prelude Therapeutics (NASDAQ:PRLD) dominated with a decline of ~50.0%. Prelude (PRLD) shares reached a 52-week low as the company disclosed data from several of its pipeline programs at the AACR-NCI-EORTC event, including the results from ongoing Phase 1 trials for lead oral PRMT5 inhibitors PRT543 and PRT811.
  • A setback for the company’s allogeneic CAR T program sent the shares of Allogene Therapeutics (NASDAQ:ALLO) ~46.5% lower over the week. The FDA placed a hold on the company’s AlloCAR T clinical trials after detecting a chromosomal abnormality in a patient who received ALLO-501A CAR T cells in its ALPHA2 study.
  • Meanwhile, Nkarta (NASDAQ:NKTX) shed ~32.7%, driven by an extended timeline estimated for the company’s Phase 1 trial for NKX101 in blood cancer. The stock reached a 52-week low on Friday as the company now expects the data readout to happen in H1 2022, leaving it without a year-end catalyst, according to Mizuho analyst Salim Syed.
  • Despite a series of developments over the week, Turning Point Therapeutics (NASDAQ:TPTX) closed ~29.1% lower as the biotech disappointed analysts with its early Phase 2 data for TPX-0022 (repotrectinib and elzovantinib) in patients with non-small cell lung cancer ("NSCLC").
  • Meanwhile, Cellectis (NASDAQ:CLLS), whose TALEN gene-editing technology was licensed by Allogene (ALLO) for the development of allogeneic T cell product candidates, crashed ~28.2% to round out the worst performers of the week.

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.