2025-05-22-Jefferies-在ASCO会议前的热门观点关于即将公布的一些关键数据集的讨论_9页_104kb

Jefferies Biotechnology Equity Research Report Summary

Date: May 22, 2025

Overview

This report focuses on biotechnology equities, with emphasis on upcoming American Society of Clinical Oncology (ASCO) conference data from May 23- June 2, 2025. It includes analyst-led events, company summaries, valuation metrics, and comprehensive disclosures on conflicts of interest and market activities.

Event Highlights

• Webinar on ASCO: Scheduled for Friday, May 23, 2025, at 12 PM ET. Topics include coverage on key datasets from ASCO abstracts. Registration is required.
• In-Person Events: Jefferies hosts networking receptions and themed dinner debates at ASCO, covering areas like breast cancer, lung cancer, and S. Gilead presentations. Details include dates, times, and locations.

Key Companies and Trials at ASCO

Ranked by importance, market cap, and relevance:

• ZLAB: Zinc Finger DLL3 ADC (ZL-1310) in small cell lung cancer Phase 1 update (Poster, June 2).
• PFE/ARVN: ER degrader vs Fulvestrant in breast cancer (Oral, May 31).
• PFE: KAT6 inhibitor dose optimization in ER+/HER2- breast cancer (Oral, May 30).
• AZN: Camizestrant + CDK4/6i for HR+/HER2- breast cancer with ESR1 mutations (Oral, June 1).
• NUVB: Taletrectinib efficacy/safety across races and regions (Poster, May 31).
• ALLO: cemacabtagene ansegedleucel for LBCL MRD (Poster, June 1).
• AMGN: Tarlatamab vs chemotherapy in SCLC (Oral, June 2).
• GILD: Govitecan + Pembro vs chemo + Pembro in TNBC (Oral, May 31).
• ROG: INAVO120 PIK3CA-mutated breast cancer trial (Oral, May 31).
• LLY: PROs of imlunestrant in ER+/HER2- ABC (Oral, May 31).

Analysts and Certifications

Jefferies equity analysts, including Michael Yee (AMGN, ZLAB), Kelly Shi (RVMD, SMMT), Maury Raycroft (MRUS, IDYA), and Roger Song (PTGX, KURA, REPL), provide research. Their certifications affirm personal views not influenced by compensation, and disclosures cover potential conflicts, including market-making activities with companies.

Valuation and Ratings

• Ratings Methodology: Ratings (Buy, Hold, Underperform) based on factors like market cap, growth, volatility, and expected returns.
  • Buy: 15%+ total return.
  • Hold: +15% / -10% total return.
  • Underperform: -10% or less.
• Valuation Metrics: Includes DCF, EBITDA, P/E ratios.
• Stock Recommendations:
  • Buys: ALLO ($1.09), AMGN ($271.90), IDYA ($18.68), GILD ($106.74), NUVB ($2.25), MRUS ($41.60), etc.
  • Holds: ARVN ($6.47), PFE ($23.04), AZN ($69.95), LLY ($715.20).
  • Underperforms noted, e.g., few listed but includes metrics.

Disclosures

Jefferies faces conflicts of interest due to financial ties with covered companies. Analyst compensation is partially tied to firm performance, including investment banking. Disclosure standards address insider ownership, market activity, and regulatory compliance across jurisdictions.