Market Overview

Goldman Sachs Previews ASCO Cancer Conference With Amgen, Celgene And Clovis Oncology

Share:
Goldman Sachs Previews ASCO Cancer Conference With Amgen, Celgene And Clovis Oncology

Ahead of the May 29 American Society of Clinical Oncology (ASCO) conference, analysts at Goldman Sachs reviewed the outlook for some of biotech's hottest names: Amgen, Inc. (NASDAQ: AMGN), Celgene Corporation (NASDAQ: CELG) and Clovis Oncology Inc (NASDAQ: CLVS). Goldman has Buy ratings on both Amgen and Clovis, while placing a Sell rating on Celgene.

At the ASCO conference, Goldman said it will be watching Amgen's Phase III myeloma drug, Kyprolis, and its competitor, Velcade. Specifically, Goldman will look at "incremental details of safety/tolerability vs. Velcade," as well as whether Amgen will be able to improve Kyprolis' dosing, currently at twice a week, to match Velcade's once-a-week dosing.

Velcade is a brand name product approved for the treatment of patients with multiple myeloma.

Clovis Oncology will present updated lung cancer data, according to Goldman's outlook. The analysts said they would like to see how certain lung cancer patients react to Clovis' Roci lung cancer data. Depending how the results play out, Goldman said that it could be an important point of differentiation between the Roci data and AstraZeneca plc's (NYSE: AZN) competitor, AZD9291.

Goldman also previewed Celgene's presentation, which it said would focus on an accelerated timeline for its lymphoma drug's, Revlimid, Phase III trial. However, Goldman said that that announcement in and of itself would not be a "meaningful catalyst."

Ahead of the conference, Goldman said that presentations will be posted online on May 13 at 5 p.m. ET.

This year, Clovis Oncology has outperformed Celgene and Amgen by large margins. Clovis gained 42.4 percent as of Tuesday's closing price of $79.72; Amgen was flat at $159.44; and Celgene fell 3.9 percent.

Latest Ratings for CELG

DateFirmActionFromTo
May 2019DowngradesOverweightEqual-Weight
Apr 2019DowngradesOverweightNeutral
Apr 2019DowngradesOutperformMarket Perform

View More Analyst Ratings for CELG
View the Latest Analyst Ratings

Posted-In: Analyst Color Biotech News Previews Events Analyst Ratings Trading Ideas General Best of Benzinga

 

Related Articles (AMGN + AZN)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
ARMKBarclaysMaintains45.0
HDDZ BankDowngrades
COGWolfe ResearchUpgrades
MLHRSidoti & Co.Maintains45.0
ICFISidoti & Co.Maintains99.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

Roth Capital Upgrades GP Strategies To Buy

Bank of America Upgrades Charles Schwab To Buy