3 Takeaways From Monday's ASCO Meetings: Puma Biotech, Incyte, Celgene

The American Society of Clinical Oncology’s annual meeting ended Tuesday. The event was filled with updates on clinical trials and research.

Credit Suisse analyst Alethia Young released her key findings from Monday’s session regarding Puma Biotechnology Inc (NASDAQ: PBYI), Incyte Corporation (NASDAQ: INCY) and Celgene Corporation (NASDAQ: CELG).

Puma Biotechnology

Credit Suisse continues to find that neratinib will be a strength for Puma. At ASCO, Dr. Basegla, an unpaid consultant, said the drug will be approved and used to treat early stage breast cancer. Young questioned whether timelines for the company’s other candidates are on schedule.

Incyte

Young was surprised by the weakness of Incyte shares since Monday, given that the studies presented by the company achieved proof of concept. She said she's not concerned by the immature data presented as a safety and continues to support the company.

Celgene

“We think management sounds confident around the profile of ozanimod for [multiple sclerosis] and are excited for investors to see the data at ECTRIMS [in late October],” Young said. The analyst is also excited about Bb2121 and sees it as a way Celgene can remain a leader in multiple myeloma after Revlimid’s patent expires in 2026.

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