Trump demands pharmas provide “most favored nation pricing” for Medicaid drugs

Monthly market moves of selected competitors compared to NASDAQ Biotechnology Index (NBI)

ADC Therapeutics 

ADCT announced that it has made grants of options to purchase an aggregate of 17,000 of the company's common shares to one new employee on July 1, 2025.

Elevation Oncology 

Elevation Oncology announced the completion of its merger with Concentra Biosciences. The company, with a market capitalization of approximately $21.6 million, has maintained a strong liquidity position. The ELEV stock was delisted from Nasdaq. 

Mersana Therapeutics 

Mersana announced that it will implement a 1-for-25 reverse stock split of the issued shares of the company’s common stock. One of the primary goals of the split is to increase the per-share market price of the company’s common stock to enable the company to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.

Sutro Biopharma 

Sutro has entered into a collaboration with FDA to develop reference materials to improve regulatory standards and enhance analytical methods for ADC drug development. The collaboration will leverage Sutro’s cell-free XpressCF technology to precisely engineer ADCs with predefined attributes, as well as FDA’s cutting-edge analytical capabilities to fully characterize these materials.

ImmunityBio 

ImmunityBio has executed financing to provide further working capital and support its ongoing business operations. The company entered into a securities purchase agreement for a registered direct offering with two institutional investors, providing for the issuance of common stock of ImmunityBio as well as warrants, that is expected to result in gross proceeds at closing of approximately $80 million. If fully exercised, the warrants could result in additional gross proceeds of up to approximately $96 million.

Mural Oncology 

Short interest of Mural increased by 9 % to 232,683 reported on July 15, compared to 212,773 on June 13.

Nektar Therapeutic 

Nektar announced positive results from its mid-stage REZOLVE-AD study for rezpegaldesleukin, which is an eczema treatment. The Phase 2b REZOLVE-AD study evaluated rezpegaldesleukin in 393 patients with moderate-to-severe atopic dermatitis, who had not previously received biologic or JAK inhibitor therapies. Patients received 3 under-the-skin injections of the drug. After 16 weeks, patients showed improvements in symptoms as measured by the Eczema Area and Severity Index/EASI. 

Werewolf Therapeutics 

Werewolf announced its CMO, Randi Isaacs, attended as a speaker at the KidneyCAN 7th Annual Kidney Cancer Research Summit taking place in Boston.

Allogene Therapeutics 

Short interest of Allogene dropped by 6 % to 25,930,643 reported on July 15, compared to 27,361,306 on May 13.

Autolus Therapeutics 

Autolus announced that the EC has granted marketing authorization for Aucatzyl (obe-cel) for the treatment of adult patients, 26+, with relapsed or refractory B-cell precursor acute lymphoblastic leukemia (r/r B-ALL). The EC approval was based on the results of the FELIX study. The Complete Response/Complete Response with Incomplete Hematological Recovery (CR/CRi) for patients who received at least one infusion of obe-cel was 76.6%. Median response duration for all infused patients was 21.2 months. Median event-free survival (EFS) was 11.9 months and the estimated 6- and 12-month event-free survival rates were 65.4% and 49.5%, respectively.

Arcellx 

Short interest of Arcellx dropped by 5 % to 6,020,953 reported on July 15, compared to 6,241,013 on June 13.

Mustang Bio 

Mustang announced that FDA has granted Orphan Drug Designation to Mustang for MB-101 (IL13Ra2-targeted CAR T-cells) for the treatment of recurrent diffuse and anaplastic astrocytoma and glioblastoma.

Arcus Biosciences 

Arcus announced that quemliclustat, an investigational small molecule CD73 inhibitor, was granted Orphan Drug designation by FDA for the treatment of pancreatic cancer.

Immutep 

Immutep announced an upcoming poster presentation for the pivotal TACTI-004 (KEYNOTE-F91) Phase 3 trial at the IASLC 2025 World Conference on Lung Cancer (WCLC). The trial is evaluating efti in combination with Keytruda and chemotherapy as first line therapy for patients with advanced or metastatic non-small cell lung cancer.

MacroGenics 

Short interest of MacroGenics dropped by 26 % to 4,075,313 reported on July 15, compared to 5,534,792 on June 13.