Shares in Immutep (IMMP) are surging 10% in Monday’s pre-market trading after the company announced first interim data from its ongoing INSIGHT-004 Phase I clinical trial at the 2020 American Society of Clinical Oncology’s (ASCO) Annual Meeting.The Frankfurt-based study is a phase I trial evaluating the combination of Immutep’s lead product candidate, eftilagimod alpha (“IMP321” or “efti”) with avelumab, a human anti-PD-L1 antibody, in 12 patients with solid cancers. Avelumab is co-developed and co-commercialized by Merck KGaA (MRK), Darmstadt, Germany and Pfizer Inc (PFE).Patients in cohort 1 receive 6mg doses of efti every two weeks with the standard dose of avelumab (800mg every two weeks), while patients in cohort 2 receive a higher dose of efti, 30mg, with avelumab.According to the presentation, 33% of patients (4 out of 12) showed a partial response (PR) to the combination therapy. In cohort 2, 3 patients out of 6 have not yet had their response assessed but are still under therapy without clinical signs of tumour progression, the company said, while noting a number of encouraging single PR cases.INSIGHT-004 reached full recruitment in April 2020 and has recruited patients in different solid tumors, primarily with gastrointestinal indications. It is the first combination trial of an approved and marketed anti-PD-L1 drug and efti.Trial investigator, Prof Salah-Eddin Al-Batran, commented: “It is good to see a number of patients are responding to the combination therapy of efti and avelumab, particularly as three patients in cohort 2 are still very early on in their treatment and haven’t yet been assessed… These patients typically are heavily pretreated and do not have any good therapy options.”Interim results from the first cohort in the trial show that the combination treatment is well tolerated with no dose limiting toxicities, while safety data from the second cohort will be reported at a later date.Two analysts have recently published buy recommendations on IMMP, giving the stock a Moderate Buy analyst consensus. Meanwhile the average analyst price target of $3.50 indicates a further 184% lies ahead. (See IMMP stock analysis on TipRanks). Shares are currently trading down 31% year-to-date, after the company announced disappointing top-line data from the P2b AIPAC study in metastatic breast cancer (mBC).“Is all lost for Immutep? Not at all, in our view… The mBC data is a disappointment, but efti and the other LAG3s in the pipeline still have a path forward. Overall, in our view, the damage has been done to IMMP shares” wrote Maxim Group’s Jason McCarthy at the time.Related News: Adaptimmune Spikes 127% Post-ASCO; Analyst Triples Price Target Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Zynga Snaps Up Peak For $1.8B In Its Largest Deal To Date; Shares Up 7% * Eli Lilly Starts Dosing Patients In World’s First Covid-19 Antibody Trial * Drugmaker Abbvie Teams Up With Jacobio To Develop Cancer Inhibitor * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil

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We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. In this article, we look at what those funds think […]

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Gold has been strong recently on the heels of Coronavirus fears, Federal Reserve stimulus packages, and continued geopolitical tensions, which are now being exacerbated by the George Floyd riots in the United States.

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AbbVie (ABBV) announced on Monday that it has entered into a partnership with Jacobio Pharmaceuticals, to jointly develop and commercialize SHP2 inhibitors, which target a key node in cancer and immune cells.Financial terms of the partnership were not disclosed. Under the terms of the agreement, AbbVie will be granted an exclusive license to the SHP2 portfolio. Meanwhile, Jacobio will continue to conduct early global clinical trials of JAB-3068 and JAB-3312 inhibitors, while AbbVie will cover the R&D expenses.SHP2 is a protein mediator of cellular signaling. Many tumors have genetic mutations, driving abnormal cancer cell growth which relies on SHP2 activity. SHP2 also plays a key role to control cytokine production and immune cell response.Therefore, inhibition of SHP2 is believed to have dual effects by potentially reducing cancer cell growth and modulating immune responses to generate anti-tumor activities. Jacobio's early clinical stage SHP2 assets, JAB-3068 and JAB-3312, are oral small molecules designed to specifically inhibit SHP2 activity."Identifying promising new targeted approaches for solid tumor patients is a high priority for us," said Mohit Trikha, vice president at AbbVie. "Jacobio's SHP2 program has the potential to treat cancer patients across many tumor types.  By targeting a key node in both cancer and immune cell signaling pathways, SHP2 inhibition, both as a monotherapy and potentially in combination with other agents, may rapidly advance new treatment options for cancer patients."Upon completion of the trials, AbbVie will be in charge of global development and commercialization. Jacobio has an option, exercisable before the initiation of registrational trials, to exclusively develop and commercialize the SHP2 program in mainland China, Hong Kong, and Macau.The partnership is still subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act.Since March 23, AbbVie shares have jumped 44% on the back of its recent acquisition of Botox maker Allergan and solid revenues of Humira, the company’s successful immunosuppressive anti-inflammatory drug. However with an expired patent, competition is growing.Five-star analyst Geoff Meacham at BofA Merrill Lynch last month reinstated coverage of AbbVie with a Hold rating and a $95 price target citing the “uncertainty of top-line resiliency given Humira's impending 2022 loss of exclusivity”.The analyst, who expects a 1% sales decline through 2021-2025, argues that AbbVie stock fairly reflects the headwinds from Humira offset by the Allergan new product portfolio.Overall, Wall Street analysts are more upbeat about AbbVie’s stock outlook. In a review of 9 analysts, the stock scores 7 Buys and the rest are Holds adding up to a Strong Buy consensus. The $102.29 average price target indicates another 10% upside potential in the coming 12 months. (See Abbvie’s stock analysis on TipRanks).Related News: Immutep Surges In Pre-Market On Positive Efti Cancer Data Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Eli Lilly Starts Dosing Patients In World’s First Covid-19 Antibody Trial * Immutep Surges In Pre-Market On Positive Efti Cancer Data * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon

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Eli Lilly (LLY) has today announced patients have been dosed in the world’s first study of a potential antibody treatment designed to fight COVID-19.This investigational medicine, referred to as LY-CoV555, is the first to emerge from the collaboration between Lilly and AbCellera to create antibody therapies for the prevention and treatment of COVID-19.Lilly scientists developed the antibody in just three months after AbCellera and the National Institute of Allergy and Infectious Diseases (NIAID) identified it from a blood sample taken from one of the first U.S. patients who recovered from COVID-19. LY-CoV555 is the first potential new medicine specifically designed to attack SARS-CoV-2, the virus that causes COVID-19.The first patients in the study were dosed at major medical centers in the U.S., including NYU Grossman School of Medicine and Cedars-Sinai in Los Angeles. Study J2W-MC-PYAA is a randomized, placebo-controlled, double-blind Phase 1 trial that aims to investigate the safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) of LY-CoV555 following a single dose administered to participants hospitalized for COVID-19.“Antibody therapies such as LY-CoV555 may have potential for both prevention and treatment of COVID-19 and may be particularly important for groups hardest hit by the disease such as the elderly and those with compromised immune systems,” said Daniel Skovronsky, chief scientific officer of Lilly Research Laboratories.“Later this month, we will review the results of this first human study and intend to initiate broader efficacy trials. At the same time… we also are starting large-scale manufacturing of this potential therapy. If LY-CoV555 becomes part of the near-term solution for COVID-19, we want to… [have] several hundred thousand doses available by the end of the year,” continued Skovronsky.Should Phase 1 results show the antibody can be safely administered, Lilly expects to move into the next phase of testing, studying LY-CoV555 in non-hospitalized COVID-19 patients. The company also plans to study the drug in a preventative setting, focusing on vulnerable patient populations.Lilly is researching multiple approaches to treating COVID-19, including examining existing LLY medicines and collaborating with two biotech companies to discover novel antibody treatments for COVID-19.Shares in Eli Lilly are up 16% year-to-date and 2.5% in Monday’s pre-market trading. Wall Street analysts are divided evenly between 4 Buy ratings and 4 Hold ratings, which add up to a Moderate Buy consensus. The $163.25 average price target implies 7% upside potential in the coming 12 months. (See Eli Lilly’s stock analysis on TipRanks).Related News: BioMarin Provides Positive Gene Therapy Update For Severe Hemophilia A Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * Drugmaker Abbvie Teams Up With Jacobio To Develop Cancer Inhibitor * Immutep Surges In Pre-Market On Positive Efti Cancer Data * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon

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Authorities in cities across the U.S. used tear gas, curfews and arrests in an attempt to contain violent protests sparked by the death of George Floyd. WSJ reporters in Minneapolis, Chicago and Los Angeles describe the worst civil unrest to erupt across the country in decades. Photo: Alex Wong/Getty Images

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Shares in UK-based biopharma Adaptimmune (ADAP) spiked 127% in Friday’s trading, after the company reported positive durability and efficacy data in synovial sarcoma at the American Society for Clinical Oncology (ASCO) Annual Meeting.The data demonstrated durability and responses in synovial sarcoma, supporting SPEARHEAD-1 as a potential registrational trial, ADAP announced. Dr David Hong spoke of a 50% response rate with inclusion of unconfirmed PR assessed after data cut-off. The ASCO presentation also described a new response in a patient with lung cancer, and a response in a patient with head and neck cancer.At the same time, Adaptimmune also announced new responses in the SURPASS trial, confirming the potential for SPEAR T‑cell therapies targeting MAGE-A4 to treat a broad range of cancers in addition to sarcoma. In the SURPASS trial, three patients have responded out of the first four treated with ADP-A2M4CD8, ADAP said.These data further support the rationale for two new Phase 2 trials – SPEARHEAD-2 in head and neck cancer, which will begin later this year, and a second trial in esophagogastric junction (EGJ) cancer planned for 1H 2021.“We are raising our PT on shares of ADAP to $9 from $3 driven off data presented at ASCO which demonstrated broader platform value for the company’s T-cell receptor (TCR)-T-cell platform technology as well as increased probability of success (POS) for the indication of synovial sarcoma (SS)” cheered Mizuho Securities analyst Mara Goldstein following the presentation. She now assigns a probability of success for this indication of 90%, up from 70%.According to Goldstein, responses accumulating in other tumor types, while not conclusive, point to broader potential in solid tumors. However she “does not yet see a critical mass in responses to more comfortably assign greater value to new indications.” As a result, the analyst reiterates her hold rating on the stock but tripled her price target to $9. Given ADAP’s recent rally this now translates into downside potential of 19%.Meanwhile JonesTrading analyst Soumit Roy upgraded ADAP to buy from hold previously. He has a more bullish $15 price target on the stock, indicating further upside potential of 35%. Overall, ADAP continues to hold a Moderate Buy analyst consensus, with the Street evenly split between hold and buy. The average analyst price target currently stands at $10 (13% downside potential). (See ADAP stock analysis on TipRanks).Related News: BioMarin Provides Positive Gene Therapy Update For Severe Hemophilia A Pfizer Loses 6% On Disappointing Ibrance Breast Cancer Outcome Novavax Seeks To Make 1 Billion Covid-19 Vaccine Doses More recent articles from Smarter Analyst: * KKR Joins $3.3 Billion Bid To Acquire Spanish Telecom Carrier Masmovil * Amazon’s Jeff Bezos Invests In UK Freight Startup Beacon * Google Delays Rollout Of Android Beta Version Amid U.S. Protests * Facebook Holds ‘Productive’ Call With Trump, As Social Media War Rages On

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Chinese electric vehicle (EV) maker BYD Co Ltd , will supply EV batteries to U.S. automaker Ford Motor Co , a document on the website of the Ministry of Industry and Information Technology showed on Monday. Ford’s China venture with Changan Automobile is seeking government approval to build a plug-in hybrid model equipped with BYD’s batteries, according to the document. Shenzhen-based BYD, which is backed by U.S. investor Warren Buffett, said it would supply EV components including batteries and power management devices.

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OPEC and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three OPEC+ sources told Reuters on Monday. OPEC+ decided in April to cut output by a record 9.7 million barrels per day, or about 10% of global output, to lift prices battered by a demand drop linked to lockdown measures aimed at stopping the spread of the coronavirus. Rather than easing output cuts in July, sources told Reuters last week that de-facto OPEC leader Saudi Arabia was leading discussions on sustaining them until the end of the year.

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Top news and what to watch in the markets on Monday, June 1, 2020.

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