Biopharma stocks advanced yet again in the week ended Jan. 22, with the change of guard at the White House generating broader market strength.Eli Lilly And Co (NYSE:LLY) was the standout biopharma stock of the week, as it set fresh 52-week highs in all four sessions of the truncated week, the catalysts being an oncology licensing deal with Merus NV (NASDAQ:MRUS), an analyst upgrade and a positive readout for its COVID-19 antibody treatment candidate.
News flow on licensing deals and follow-on offerings abounded.
The Food and Drug Administration approved two key drugs during the week — Merck & Co., Inc.'s (NYSE:MRK) heart failure drug and a long-acting, injectable combo treatment option for HIV from ViiV Healthcare, a venture established by GlaxoSmithKline plc (NYSE:GSK) and Pfizer Inc. (NYSE:PFE).
Aurinia Pharmaceuticals Inc's (NASDAQ:AUPH) voclosporin in combination with a background immunosuppressive therapy regimen was also approved by the agency to treat adult patients with active lupus nephritis.
Here are the key catalysts for the unfolding week:
Conferences:
The International Association for the study of Lung Cancer, or IASLC, World Conference on Lung Cancer (virtual event): Jan. 28-31
PDUFA Dates:
The FDA is scheduled to rule on Amgen, Inc.'s (NASDAQ:AMGN) sBLA for Nplate, a protein that raises and sustains platelet counts, as a treatment option for hematopoietic subsyndrome of acute radiation syndrome. The decision is due Thursday, Jan. 28.
Related Link: The Gilead, Galapagos Pipeline Opportunities That Are Turning Morgan Stanley Bullish
Regulatory Filings:
Axsome Therapeutics Inc (NASDAQ:AXSM) expects to file this month a new drug application for its AXS-05 treatment of mild depressive disorder.
Clinical Readouts:
Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) is scheduled to host a virtual event on Tuesday, Jan. 26, from 8 a.m. to 10 a.m. to provide an update on its ongoing exploratory Phase 2 study and genetic sequencing efforts. The company will present data for setmelanotide in individuals living with heterozygous obesity due to genetic variants in one of two alleles of the POMC, PCSK1 or LEPR gene, as well as SRC1 and SH2B1 deficiency obesities. It will also provide an update on data from its sequencing efforts, which now includes samples from about 37,500 people with severe obesity.
Zymeworks Inc (NYSE:ZYME) is due to present a clinical progress update for ZW49, which is being evaluated in a Phase 1 clinical trial as a treatment for patients with locally advanced or metastatic HER2-expressing cancers. The presentation is scheduled for Wednesday, Jan. 27, at 4:30 p.m.
January Readouts
Johnson & Johnson (NYSE:JNJ): interim results of a Phase 3 clinical trial of its experimental COVID-19 vaccine, JNJ-78436735
GlaxoSmithKline plc (NYSE:GSK)/Vir Biotechnology Inc (NASDAQ:VIR): initial results from the Phase 3 trial of COVID-19 antibody treatment candidate VIR-7831
IASLC World Conference on Lung Cancer Presentations
Amgen: Phase 2 data from the CodeBreaK 100 clinical study, evaluating investigational sotorasib in patients with KRAS G12C-mutated advanced non-small cell lung cancer, or NSCLC, (Friday, Jan. 2), and an oral presentation of updated Phase 1 data from AMG 757 in small cell lung cancer
Earnings:
Tuesday
Johnson & Johnson (NYSE:JNJ) (before the market open)Varian Medical Systems, Inc. (NYSE:VAR) (after the close)
Wednesday
Abbott Laboratories (NYSE:ABT) (before the market open)Edwards Lifesciences Corp (NYSE:EW)(after the close)Hologic, Inc. (NASDAQ:HOLX) (after the close)Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (after the close)
Thursday
ABIOMED, Inc. (NASDAQ:ABMD) (before the market open)ResMed Inc. (NYSE:RMD) (after the close)
Friday
Lilly (before the market open)
IPOs
Raritan, New Jersey-based Ortho Clinical Diagnostics Holdings plc has filed to offer 70 million shares in an initial public offering, expected to be priced between $20 and $23. The pure-play in vitro diagnostics company has applied for listing the shares on the Nasdaq under the ticker symbol OCDX.
Related Link: Pfizer-BioNTech Vaccine Found Effective Against New Coronavirus Strain In Lab Study
Commencement at Wharton.
REUTERSThe pandemic has created a difficult environment for the class of 2020.
But at the University of Pennsylvania's Wharton School of Business, 93.5% of graduates reported job offers, and the median salary sits at $150,000 a year.
That's according to Wharton's 2020 MBA careers report, which showed a 5% decrease in job offers from the class of 2019.
Median salaries differ by industry. The legal-and-professional-services industry has the highest median salary at $190,000.
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This year, MBA graduates faced a very different job market than they had anticipated.
The class of 2020 was poised to enter the strongest job market in 5o years, and instead found themselves graduating into a pandemic recession. More than 20% of 2020 MBA candidates reported that their job offers had been impacted by the pandemic, according to a survey conducted by RelishCareers.
But graduates of the University of Pennsylvania's Wharton School of Business still found themselves landing lucrative six-figure jobs, according to Wharton's 2020 Careers Report.
The value of a graduate degree in business has long been the topic of debate, and the pandemic has only worsened these concerns. At Wharton, 75.3% of 2020 graduates reported seeking employment, and 93.5% of the students seeking employment reported job offers. That's a slight decline from the class of 2019, which reported a 98.5% job offer rate.
This year, Wharton lost its first place spot in QS Quacquarelli Symonds' ranking for the best MBA program in the world, coming in second behind Stanford University's Graduate School of Business.
Wharton class of 2020 will earn a median salary of $150,000 a year. Most graduates went into finance and consulting, though some went into fields like healthcare and fintech.
Here are the industries that Wharton's class of 2020 entered after graduation, ranked by compensation.
8. Social impact Matt Jonas/Digital First Media/Boulder Daily Camera via Getty Images
The social-impact industry focuses on the effect that organizations have on communities.
Median salary: $89,250
Percent accepts: 1.8%
7. Real estate AP Photo/Matt York
Median salary: $120,000
Percent accepts: 2.9%
6. Consumer products PepsiCo employed at least two graduates from the class of 2020.
Reuters
Median salary: $122,500
Percent accepts: 2.4%
5. Technology Google employed at least two graduates from the class of 2020.
Alain Jocard/Getty Images
Median salary: $139,345
Percent accepts: 16.2%
4. Retail (TIE) Amazon employed at least two graduates from the class of 2020.
Pascal Rossignol/Reuters
Median salary: $140,000
Percent accepts: 3.2%
4. Fintech (TIE) PayPal employed at least two graduates from the class of 2020. Pictured here is CEO Daniel Schulman.
PayPal
Median salary: $140,000
Percent accepts: 2.1%
4. Healthcare (TIE) Humana employed at least two graduates from the class of 2020.
Rafael Henrique/Getty Images
Median salary: $140,000
Percent accepts: 6.7%
3. Media, entertainment, and sports (TIE) Chesnot/Getty
Median salary: $150,000
Percent accepts: 1.3%
3. Financial services (TIE) J.P. Morgan Chase & Co. employed at least two graduates from the class of 2020. Pictured here is CEO Jamie Dimon.
Gretchen Ertl/AP
Median salary: $150,000
Percent accepts: 36.2%
Subindustry:
Hedge Funds/Other Investments
Median salary: $150,000
Percent accepts: 3.2%
Insurance & Diversified Services
Median salary: $125,000
Percent accepts: 1.4%
Investment Banking/Brokerage
Median salary: $150,000
Percent accepts: 12.2%
Investment Management
Median salary: $150,000
Percent accepts: 4.5%
Private Equity/Buyouts/Other
Median salary: $170,000
Percent accepts: 11.9%
Venture Capital
Median salary: $171,500
Percent accepts: 3%
2. Consulting Bain & Company hired at least two graduates from the class of 2020.
Courtesy of Bain & Company
Median salary: $165,000
Percent accepts: 24.5%
1. Legal and professional services Kirkland & Ellis employed at least two graduates from the class of 2020.
Erik McGregor via LightRocket/Getty Images
Median salary: $190,000
Percent accepts: 1.8%
