Biotech stocks advanced in the week ended May 27, tracking the overall positive sentiment of the broader market. Notwithstanding the week's strength, the sector has been one of the worst performers for the year-to-date period.

Among notable developments, Genocea Biosciences, Inc. (NASDAQ:GNCA) announced that it is shuttering operations amid a cash crunch. The company also plans to voluntarily delist its shares from Nasdaq by June 2.

Verrica Pharmaceuticals, Inc. (NASDAQ:VRCA) suffered a setback after its viral skin infection treatment candidate was rejected by the Food and Drug Administration on its third try.

Catalyst Biosciences, Inc. (NASDAQ:CBIO) shares skyrocketed after the company announced a deal to sell its portfolio of protease medicines that regulate complement to Vertex Pharmaceuticals, Inc. (NASDAQ:VRTX).

Looking ahead, the American Society of Clinical Oncology, or ASCO, the meeting is likely to be in the spotlight this week. Presentations at the conference have the potential to move stocks.

Here are the key biotech catalysts for the unfolding week:

Conferences

European Alliance of Associations For Rheumatology, or EULAR, 2022: June 1-4, held in Copenhagen, Denmark, & virtually

2022 ASCO Annual Meeting: June 3-7, held in Chicago, Illinois & virtually

PDUFA Dates

Azurity Pharma, which is partnering with Eton Pharmaceuticals, Inc. (NASDAQ:ETON), has a PDUFA goal date of May 30 for lamotrigine suspension, a drug to treat epilepsy.

Clinical Readouts/Presentations

EULAR Presentations 

AbbVie, Inc. (NYSE:ABBV): data for Rinvoq in patients with non-radiographic axial spondyloarthritis and ankylosing spondylitis, results from the Rinvoq vs. Humira study in psoriatic arthritic patients; data for Skyrizi in psoriatic arthritis.

Aurinia Pharmaceuticals, Inc. (NASDAQ:AUPH): results of two-year AURORA 2 continuation study of Lupkynis for lupus nephritis

Horizon Therapeutics plc (NASDAQ:HZNP): Data for methotrexate combined with pegloticase in patients with uncontrolled gout

UCB SA (OTC:UCBJY): new data from the Phase 3 of bimekizumab across the full spectrum of axial spondyloarthritis

Alpine Immune Sciences, Inc. (NASDAQ:ALPN): new preclinical and preliminary Phase 1 data of ALPN-303

Kezar Life Sciences, Inc. (NASDAQ:KZR): Phase 2 data for KZR-616 in autoimmune disorders

Related Link: Pfizer To Sell 23 Patented Drugs, Vaccines At Lower Prices To Poorer Countries

Earnings 

Burning Rock Biotech Limited (NASDAQ:BNR) (Tuesday, before the market opens)

IPOs 

IPO Pricing 

San Antonio, Texas-based bioAffinity Technologies, Inc. (NASDAQ: ) has filed with the SEC a preliminary prospect on S-1 regarding the initial public offering of 1.5 million units at an expected IPO price of $6.75 per unit. Each unit consists of one share of the company's common stock and one warrant to purchase one share of common stock at an expected exercise price of $8.10 per share.

bioAffinity is a developer of proprietary noninvasive diagnostic tests and cancer therapeutics using technology that preferentially targets cancer cells and cell populations indicative of a diseased state. The company has applied for listing its common stock and warrants on the Nasdaq under the symbols BIAF and BIAFW, respectively.

IPO Quiet Period Expiry 

PepGen Inc. (NASDAQ:PEPG)

Bausch + Lomb Corporation (NYSE:BLCO)

Related Link: Mizuho Sees Compelling Risk/Reward For This Schizophrenia Stock Despite Recent Weakness

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