AMAM Awaits ACE-Breast-02 Study Data, CNC Posts Strong Q1 Results, EXAS Boosts Outlook
The following are some of the biotech companies that reported their earnings scorecard and provided a business update on Tuesday.
1. Ambrx Biopharma Inc. (AMAM), a clinical stage biopharmaceutical company developing Engineered Precision Biologics, has a couple of data readouts lined up for this year.
The company’s lead asset is ARX788, which is in three pivotal trials, dubbed ACE-Breast-02, ACE-Breast-03, and ACE-Gastric-02.
— ACE-Breast-02 is a phase III pivotal trial of ARX788 for HER2+ metastatic breast cancer, ongoing in China.
— ACE-Breast-03 is a global phase III pivotal trial of ARX788 for HER2+ metastatic breast cancer.
— ACE-Gastric-02 is a global phase III pivotal trial of ARX788 for gastric/GEJ cancer.
Topline data from the ACE-Breast-02 study is expected by the end of 2022.
ARX788 is also being trialed in a phase I study in multiple HER2-expressing tumors, dubbed ACE-Pan Tumor-01, and in a phase II study in patients with HER2-mutated or HER2 gene amplified solid tumors, dubbed ACE-Pan Tumor-02.
According to interim results reported last April, the dose escalation portion of the ACE-Pan Tumor-01 trial had demonstrated a confirmed *ORR of 67% (2 of 3 patients) in the cohort of patients receiving the 1.5 mg/kg Q4W dose, and no confirmed responses among 8 patients in the 1.3 mg/kg Q4W cohort. (*Overall response rate, or ORR, is the proportion of patients in a trial whose tumor is killed or greatly reduced by a drug).
Additional data from the ACE-Pan Tumor-01 trial is expected in the second half of this year.
Another clinical drug candidate of the company is ARX517 that targets the prostate-specific membrane antigen expressed on prostate cancer, under a phase I trial. Interim safety data from this study is expected in the second half of this year.
The third pipeline candidate – ARX305 – is designed to target CD70 to treat a broad range of solid and hematologic tumors such as renal cell carcinoma.
The company expects to initiate a phase I dose-escalation, and dose-expansion study to evaluate the safety, pharmacokinetics and preliminary anti-tumor activity of ARX305 in adults with clear cell renal cell carcinoma who are resistant or refractory to prior standard therapies in the second half of this year.
The company’s cash and cash equivalents were $170.1 million as of December 31, 2021.
Ambrx Biopharma made its debut on the New York Stock Exchange on June 18, 2021, pricing its American depositary shares at $18 each.
AMAM has thus far hit a low of $3.50 and a high of $22.87. The stock closed Tuesday’s trading at $3.50, down 4.89%.
2. Chemed Corp. (CHE) has reported better-than-expected earnings for its first quarter ended March 31, 2022, while revenue fell shy of analysts’ estimate.
Chemed operates VITAS Healthcare Corp, one of the nation’s largest providers of end-of-life care, and Roto-Rooter, the nation’s largest commercial and residential plumbing and drain cleaning services provider.
On an adjusted basis, the net income for the first quarter of 2022, was $72.8 million or $4.79 per share compared to $72.4 million or $4.44 per share in the year-ago period. Revenue for the first quarter of 2022 improved slightly to $531 million from $527 million in the year-ago quarter.
Wall Street analysts were expecting the company to earn $4.47 per share on revenue of $538.57 million.
CHE closed Tuesday’s trading at $481.27, down 3.06%.
3. Centene Corp. (CNC), which reported strong first quarter results, has also provided a rosy outlook for the year.
For the first quarter ended March 31, 2022, net earnings jumped to $852 million or $1.44 per share from $697 million or $1.19 per share in the year-ago quarter. On an adjusted basis, the EPS for the first quarter of 2022 was $1.83 compared to $1.63 for the first quarter of 2021.
The company’s total revenue for the first quarter of 2022 rose to $37.2 billion from $29.9 billion in the year-earlier quarter.
Wall Street analysts were expecting the company to earn $1.68 per share on revenue of $34.5 billion for the quarter.
Looking ahead to full-year 2022, the company now expects total revenue to range between $139.9 billion and $141.9 billion, up from its prior outlook of $135.9 billion to $137.9 billion. The total revenue in 2021 was $126.0 billion.
Analysts polled by Thomson Reuters have forecast 2022 revenue in the range of $135.78 billion to $137.95 billion.
CNC closed Tuesday’s trading at $81.88, down 3.51%.
4. Exact Sciences Corp. (EXAS), which reported 21% revenue growth for the first quarter ended March 31, 2022, has boosted its revenue outlook for the year.
Total revenue for Q1, 2022 was $486.6 million compared to $402 million in the year-ago period, and well above analysts’ consensus estimate of $461.71 million.
Net loss widened to $180.9 million or $1.04 per share in the first quarter of 2022 from $31.2 million or $0.18 per share in the year-earlier quarter. Wall Street analysts were expecting the company to incur a loss of $1.07 per share for the quarter.
Looking ahead to 2022, the company now expects revenue to be in the range of $1,985 million to $2,032 million, up from its prior forecast of $1,975 million to $2,027 million. Revenue was $1,767 million in 2021.
EXAS closed Tuesday’s trading at $58.63, down 6.40%.
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