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Eledon Rises on Updated Phase 2 Data and FDA Fast Track for Tegoprubart
Eledon Pharmaceuticals traded higher on Tuesday after updating long-term data from a mid-stage trial of its lead candidate tegoprubart and announcing that the FDA granted the drug Fast Track designation. Citing data from its Phase 2 BESTOW trial, the California-based biotech said the antibody therapy maintained a higher kidney function with a statistically significant effect based on the average estimated glomerular filtration rate, a measure of kidney graft function. The latest readout, presented at the International Congress of the Transplantation Society in Australia, set tegoprubart's eGFR advantage at approximately 13 mL/min/1.73 m² through 24 months, compared with an average eGFR of about 69 mL/min/1.73 m² in a 12-month analysis in November. On safety, the company said there were no rejections in the tegoprubart arm beyond six months post-transplant, compared with seven in the tacrolimus arm. Eledon added that it remains on track to begin its Phase 3 LEGACY trial for tegoprubart in kidney transplantation in Q4 2026.
Kodiak, Celldex, Rapport and Vaxcyte Face Key Fall Clinical Readouts
Four clinical-stage biotech companies are approaching potentially important mid- to late-stage data readouts this fall, with outcomes that could reshape their pipelines and valuations. Kodiak Sciences is on track to report top-line data this month from the phase III DAYBREAK study evaluating Zenkuda (tarcocimab tedromer) and KSI-501 for treatment-naïve wet age-related macular degeneration against Regeneron's Eylea, targeting a roughly $15-billion anti-VEGF market. Celldex Therapeutics expects a September/October 2026 top-line readout from its phase III EMBARQ-CSU1 and EMBARQ-CSU2 studies of barzolvolimab in chronic spontaneous urticaria, with 1,939 patients enrolled and a planned regulatory submission in 2027. Rapport Therapeutics is targeting October 2026 for phase II results on RAP-219 in bipolar mania, while Vaxcyte expects top-line safety, tolerability and immunogenicity data from the phase III OPUS-1 study of its 31-valent pneumococcal conjugate vaccine VAX-31 by the end of October 2026. Among the four, Kodiak carries a Zacks Rank #4 (Sell), while Celldex, Rapport and Vaxcyte each hold a Zacks Rank #3 (Hold).
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AbbVie Q2 Revenue Rises 10.2% to $16.99 Billion, Beating Estimates
AbbVie reported second-quarter revenues of $16.99 billion, up 10.2% year on year and 1.2% above analysts' consensus expectations, though the quarter was mixed with only a narrow beat of EPS estimates and a slight miss of full-year EPS guidance estimates. The results came as the 11 therapeutics stocks tracked by the report collectively beat consensus revenue estimates by 8% in Q2, with share prices up 24.8% on average since the latest earnings results. Biogen posted the group's best quarter, with revenues of $2.74 billion, up 3.4% year on year and 12.1% above expectations, while Myriad Genetics delivered the weakest performance, reporting revenues of $190.7 million, down 10.5% year on year and 8.2% below expectations, alongside full-year revenue guidance that missed and a significant EPS miss. Gilead Sciences reported revenues of $7.80 billion, up 10.2% year on year and 6.2% above expectations, and Moderna reported revenues of $145 million, up 2.1% year on year and 35.8% above expectations, the biggest analyst estimate beat of the group. AbbVie's stock is up 2.9% since reporting and currently trades at $264.79.