美股生物技术行业-美国中小盘生物技术：2022年ASCO大会的主要收获

CORE Barclays Capital Inc. and/or one of its affiliates does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. PLEASE SEE ANALYST CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 16. Equity Research 9 June 2022 U.S. Small & Mid Cap Biotechnology Key Takes from ASCO 2022 Dear Client: I.I. matters to us, and we appreciate your consideration for Biotechnology: Small & Midcap in the Institutional Investor All-America & All-Canada Research Team 2022 Survey. To view our analysts, click here. To go to the survey, click here. Key Takeaways: We attended ASCO 2022 and have compiled our key takes related to our coverage and our KOL events 1) updates from our oncology coverage – including SpringWorks (SWTX, OW rated) GSI/BCMA data in MM and updated desmoid tumor data, as well updates from Exelixis (EXEL, OW rated) in lung, HNSCC, and UC; plus KPTI (OW rated) and EPZM (OW rated) and 2) read-through from peer updates – including positive read-through to Arcus (RCUS, OW rated) from Mereo’s (MREO, not covered) TIGIT data, Blueprint (BPMC, OW rated) from Cullinan’s (CGEM, not covered) EGFR data, Fate (FATE, OW rated) from Adicet (ADCT, not covered), and Roche’s oncology pipeline to RCUS, EXEL, and TNGX. We have three virtual KOL calls coming up – details and links to register below: 1) Barclays KOL Call: Focus on Melanoma on Thursday, June 9 @ 9:30AM ET, 6/2/22 2) Barclays KOL Call: Focus on Lung Cancer on Monday, June 13 @ 10AM ET, 6/1/22 3) Barclays KOL Call: Focus on Systemic Mastocytosis, Myelofibrosis on Tuesday, June 14 @ 9:30AM ET, 6/2/22 See our updated full sortable list of catalysts, 5/31/22. INDUSTRY UPDATE U.S. Small & Mid Cap Biotechnology POSITIVE Unchanged U.S. Small & Mid Cap Biotechnology Peter Lawson, DPhil (Oxon) +1 212 526 9445 peter.lawson@barclays.com BCI, US Shea E. Feeney, PhD +1 212 526 5149 shea.feeney@barclays.com BCI, US Alexandre Bouilloux +1 212 526 9937 alexandre.bouilloux@barclays.com BCI, US Barclays | U.S. Small & Mid Cap Biotechnology 9 June 2022 2 CONTENTS COMP SHEET – 21 SMID-CAP ONCOLOGY STOCKS .............................. 3 ASCO 2022 – KEY TAKES FROM COVERAGE ............................................ 4 SWTX - Clinical Data and Competitor News Help Reinforce Potential to Drive Differentiation in BCMA ........................................................................................................................................................... 4 Phase 1/2 (DREAMM-5) data from nirogacestat + Blenrep in r/r multiple myeloma ......... 4 Novartis / Ayala GSI option not exercised – no read-through to SWTX ................................. 5 KOL meeting focused on multiple myeloma ....................................................