Biotech stocks declined yet again in the week ending May 6, dragged lower by macroeconomic concerns following the Federal Reserve's 50-basis-point rate hike. The iShares Biotechnology ETF (NASDAQ:IBB), considered a proxy for the sector, shed close to 3 percent during the week.
Penny stock and digital therapeutics company Better Therapeutics, Inc. (NASDAQ:BTTX) more than doubled despite a lack of any meaningful catalysts. On the other hand, Connect Biopharma Holdings Limited (NASDAQ:CNTB) lost more than half its market value after its investigational asset that is being evaluated for ulcerative colitis flunked a mid-stage trial.
Earnings news flow also continued to move stocks in the space.
Here are the key catalysts for biotech stocks in the unfolding week:
Conferences
World Federation of Hemophilia, or WFH, 2022 World Congress: May 8-11, in Montreal, Canada, as well as virtually
BofA Securities 2022 Healthcare Conference: May 9–13, in Las Vegas, Nevada
Psych Symposium: May 11, in London, U.K.
American Thoracic Society, or ATS, 2022 International Conference: May 13-18, in San Francisco, California
FDA Meeting
Veru, Inc. (NASDAQ:VERU) has a pre-emergency use authorization meeting scheduled with the Food and Drug Administration on Tuesday for sabizabulin, its COVID-19 treatment.
Clinical Readouts/Presentations
Mereo BioPharma Group plc (NASDAQ:MREO) is scheduled to host a conference call Monday, at 10:30 a.m. ET, to review top-line clinical data from its Phase 2 Study of Alvelestat in Alpha-1 antitrypsin deficiency-associated emphysema.
BioMarin Pharmaceutical, Inc. (NASDAQ:BMRN) will present at the WFH Congress Phase 3 data for valoctocogene roxaparvovec, an AAV5-mediated gene therapy for hemophilia A.
Mind Medicine, Inc. (NASDAQ:MNMD) is due to present at the Psych Symposium, results from the Phase 2 investigator-initiated clinical trial of LSD in the treatment of anxiety disorders. The presentation is scheduled for Wednesday.
Related Link: Attention Biotech Investors: Mark Your Calendar For May PDUFA Dates
Earnings
The earnings list presented is not comprehensive. Click here to access Benzinga's earnings calendar for the complete schedule
Monday
FibroGen, Inc. (NASDAQ:FGEN) (after the close)
Heron Therapeutics, Inc. (NASDAQ:HRTX) (after the close)
Novavax, Inc. (NASDAQ:NVAX) (after the close)
ICU Medical, Inc. (NASDAQ:ICUI) (after the close)
Y-mAbs Therapeutics, Inc. (NASDAQ:YMAB) (after the close)
Tuesday
Bausch Health Companies Inc. (NYSE:BHC) (before the market open)
Haemonetics Corporation (NYSE:HAE) (before the market open)
Inovio Pharmaceuticals, Inc. (NASDAQ:INO) (after the close)
OraSure Technologies, Inc. (NASDAQ:OSUR) (after the close)
Wednesday
ADMA Biologics, Inc. (NASDAQ:ADMA) after the close)
Thursday
Altimmune, Inc. (NASDAQ:ALT) (before the market open)
Friday
PLx Pharma Inc. (NASDAQ:PLXP) (before the market open)
Related Link: Here's Why Moderna Shares Are Trading Higher After Q1 Earnings Today
IPOs
Seattle, Washington-based Intrinsic Medicine, Inc. (NASDAQ:INRX) has filed with the SEC regarding the initial public offering of 4.12 million shares of its common stock and warrants to purchase common stock. Selling shareholders will offer up to 13.62 million of the company's common stock.
Intrinsic Medicine is a preclinical-stage therapeutics company leveraging synthetic biology-manufactured human identical milk oligosaccharide molecules as new medicines to treat patients underserved by current treatment options. The company expects to price the common stock offering between $5 and $7. It has applied for listing its shares on the Nasdaq under the ticker symbol "INRX."
