Foghorn Therapeutics (FHTX) shares rallied significantly after announcing robust second-quarter financial results and promising updates on its oncology pipeline. However, despite the recent jump, analysts remain cautious due to a negative trend in earnings estimate revisions.
Sanara MedTech Inc. (SMTI) has entered into an exclusive U.S. distribution agreement with ChemoMouthpiece, LLC, to bring the company’s oral cryotherapy device to oncology patients. The deal highlights Sanara’s focus on expanding its skincare portfolio and is expected to drive positive market sentiment. Sanara’s investment in ChemoMouthpiece and the potential purchase option for its U.S. business underscore the company’s commitment to this strategic partnership.
The global companion diagnostic tests in oncology market is projected to skyrocket, reaching US$ 17.0 billion by 2034. This growth is fueled by the increasing use of these tests in personalized cancer therapies, with advancements in genomic profiling, liquid biopsies, and AI further propelling the market forward.
RBC Capital has initiated coverage on Bicycle Therapeutics PLC (BCYC), highlighting the potential of its lead program, Zelenectide pevedotin (zele), in the oncology market. The analyst believes that Zele’s improved safety profile compared to Padcev, a competing drug for metastatic urothelial cancer (mUC), could lead to greater antitumor durability and a substantial market share. Furthermore, the analyst sees potential for Zele in other solid tumors, such as triple-negative breast cancer and non-small cell lung cancer, with an estimated peak global sales of $2 billion in 2033.
Illumina, Inc. (ILMN) has secured FDA approval for its TruSight Oncology Comprehensive (TSO Comprehensive) test and its first two companion diagnostic (CDx) indications. This comprehensive test analyzes over 500 genes in a patient’s solid tumor, aiding in identifying biomarkers that guide targeted therapies and clinical trial enrollment. The approvals mark a significant milestone for Illumina’s oncology customers and community. The test is also approved for use in Europe.
Scientists have developed a novel gene editing approach to combat cancer drug resistance. This technique involves introducing two ‘suicide genes’ into cancer cells, making them susceptible to a specific drug and then turning them into toxin-producing machines, effectively eliminating both the modified cells and their resistant neighbors.
In Alberta, cancer patients are experiencing significant delays in accessing specialist consultations. According to the Alberta Medical Association, patients are waiting three to four times longer than recommended standards to see an oncologist. This alarming trend has raised concerns among healthcare professionals, with some patients facing waits of up to 13 weeks for a radiation oncologist consultation. The prolonged wait times have dire consequences, potentially compromising patient outcomes and quality of life. The situation has prompted calls for increased recruitment and training of oncologists in the province.
Labcorp, a leading global laboratory services provider, has announced its plans to acquire certain assets of Invitae, a medical genetics company, through a bankruptcy auction process. The proposed deal is expected to significantly enhance Labcorp’s specialty testing capabilities, particularly in the areas of oncology and rare diseases. The transaction is anticipated to generate approximately $400 million in annual revenue for Labcorp upon completion, which is expected in the third quarter of 2024.
ImmunityBio has received FDA approval for its lead drug candidate, Anktiva, for the treatment of BCG-unresponsive non-muscle invasive bladder cancer (NMIBC). The approval follows the successful completion of clinical trials that demonstrated a 62% complete response rate and a duration of response of over 47 months. Anktiva is the first-in-class IL-15 agonist immunotherapy to receive FDA approval for NMIBC and represents a significant milestone for ImmunityBio.
Gilead Sciences, once written off as the “ugly duckling” of Big Pharma, has made significant strides in recent years. Its oncology portfolio is showing promise, its HIV treatments remain dominant, and it continues to generate solid cash flow. Despite these strengths, GILD stock has given back most of its gains since a late-2022 surge, creating a potential buying opportunity.
