May 29 ASCO Quick Takes: Investors sour on Arvinas’ targeted degraders; plus MacroGenics, Karyopharm, Blueprint
Targeted degrader company Arvinas takes hit on updated proof of concept data
Arvinas Inc. (NASDAQ:ARVN) shed nearly $500 million in market cap Friday after updated Phase I/II data showed no new responses among four additional patients dosed with ARV-110 at 140 mg or higher. Data in an abstract unveiled earlier this month ahead of the American Society of Clinical Oncology meeting showed treatment with the protein degrader of the androgen receptor led to two PSA responses among eight evaluable patients with metastatic castration-resistant prostate cancer (mCRPC).
MacroGenics falls on additional bispecific antibody data
Investors also weren’t very impressed with updated Phase I data for MGD013 from MacroGenics Inc. (NASDAQ:MGNX) showing three partial responses among 41 evaluable patients across different solid tumors, while combination therapy with anti-HER2 mAb margetuximab showed a 50% response rate in six evaluable patients. MacroGenics fell $4.16 (18%) to $18.84 on Friday. The biotech's shares had nearly tripled earlier this month when the company said the bispecific targeting PD-1 and LAG-3 in combo with margetuximab had led to ORRs in excess of 40% (see “ASCO Preview Carries MacroGenics to $1B Valuation”)...