Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
On Friday, Citizens JMP released an industry report spotlighting the upcoming abstract titles from companies within its coverage universe, as well as others, set to be showcased at the 2025 American Society of Clinical Oncology (ASCO) annual meeting. The abstract titles for the presenting companies were made available on April 23. For investors seeking deeper insights into the biotech sector, InvestingPro offers comprehensive analysis of over 1,400 healthcare companies.
The report details that companies with significant presentations include Adicet (NASDAQ:ACET), Acrivon (NASDAQ:ACRV) with a $13 price target (PT), Allogene (NASDAQ:ALLO), BeOne Medicines (TSE:ONC) with a $348 PT, BioAtla (NASDAQ:BCAB) with a $1 PT, and Bicycle Therapeutics (NASDAQ:BCYC) with a $22 PT. Others noted for their key presentations are Context Therapeutics (NASDAQ:CNTX) with a $4 PT, Cue Biopharma (NASDAQ:CUE) with a $2 PT, Exelixis (NASDAQ:EXEL) with a $47 PT, and Incyte (NASDAQ:INCY).
Additionally, the report highlights Inhibrx (NASDAQ:INBX), Instil Bio (NSE:TIL), Iovance (NASDAQ:IOVA), Kura Oncology (NASDAQ:KURA) with a $28 PT, Nuvation Bio (NYSE:NUVB) with a $6 PT, Relay Therapeutics (NASDAQ:RLAY) with a $12 PT, and Summit Therapeutics (NASDAQ:SMMT) with a $40 PT as part of the coverage. InvestingPro analysis shows Nuvation Bio maintains a strong balance sheet with more cash than debt and a healthy current ratio of 9.01, though the company is currently unprofitable with an EBITDA of -$205.43M in the last twelve months.
Furthermore, the report emphasizes the significance of late-breaking presentations focusing on late-stage trials. Noteworthy among these are AstraZeneca (NASDAQ:AZN), Arvinas (NASDAQ:ARVN), GlaxoSmithKline (LON:GSK), and Corcept (NASDAQ:CORT), which are expected to present important data at this year’s ASCO meeting.
The annual ASCO meeting is a key event for companies in the oncology space, providing a platform to present new clinical data and research findings. The insights shared at this conference can often influence the perception and valuation of companies within the biopharmaceutical industry.
In other recent news, Nuvation Bio Inc. reported its first-quarter earnings for 2025, revealing an earnings per share (EPS) of -0.16, which was slightly below the forecasted -0.15. The company also reported revenue of $3.08 billion, significantly underperforming against the expected $800 million. During its Annual Meeting of Stockholders, Nuvation Bio announced the election of Kathryn E. Falberg and David Hung, M.D. as directors, and the ratification of KPMG LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2025. Additionally, the compensation of the company’s executive officers was approved on an advisory basis.
The company’s strategic focus remains on its lead asset, talotrectinib, with hopes for FDA approval by June 2025. Nuvation Bio has secured non-dilutive financing of $250 million to support its operations and potential commercial launch. The firm has been building its commercial infrastructure, including a veteran launch team, in preparation for the anticipated approval and launch of talotrectinib. Despite the earnings miss, analysts from RBC Capital Markets and Clear Street have shown interest in the company’s commercialization strategy and the potential impact of new NCCN guidelines favoring ROS1 targeted therapies.
Nuvation Bio’s ongoing investments in pre-commercial activities have increased its net loss compared to the previous year, but the company maintains a strong cash position of $461.7 million. This is bolstered by a financing agreement with Sagard Healthcare Partners, which provides additional capital upon FDA approval of talotrectinib.
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