- Merus N.V. (NASDAQ:MRUS) will highlight interim clinical data on the bispecific antibody petosemtamab (MCLA-158) in previously treated head and neck squamous cell carcinoma (HNSCC) along with the selection of a second abstract on petosemtamab in advanced gastric/esophageal adenocarcinoma at the American Association for Cancer Research (AACR) on April 14-19, 2023.
- The management recently commented that it is looking for a roughly/a little better ORR than double the 13% for Eli Lilly And Co’s (NYSE:LLY) Erbitux (cetuximab) as meaningfully better.
- Needham analyst says that based on recent conversations with investors, expectations are for an ORR of ~30%.
- At the 2021 Triple meeting data update, the analyst saw 43% ORR for Peto in 7 patients. This response rate is encouraging relative to Merck & Co Inc‘s (NYSE:MRK) Keytruda (16% ORR) or what cetuximab demonstrated in a Phase 2 trial (13%).
- However, the 2021 data was very preliminary, and none of the patients had received prior cetuximab treatment.
- The analyst expects Peto’s peak revenue opportunity could be significant and estimates >$1 billion by 2030 in the U.S. (~90k patients w/ Peto getting ~15% market share).
- A positive data update should drive a double-digit upside to the stock.
- Needham holds a Buy rating on the stock with a price target of $33.00.
- Price Action: MRUS shares are down 1.29% at $18.36 on the last check Thursday.
C21 Investments Revenue Grows 9.4% Sequentially, What About Adjusted EBITDA?
C21 Investments Inc. (OTCQX: CXXIF) (CSE:CXXI) released its interim financial statements for the first quarter ended April 30, 2023, revealing revenue of $7.7 million – up 9.4% sequentially, and an increase of 3% compared to $7.5 million in Q1 FY 2023.
