La vendita allo scoperto per Roche Holding dà agli investitori un'idea del grado in cui gli investitori stanno scommettendo sul declino delle azioni di Roche Holding. I dati relativi alle vendite allo scoperto vengono aggiornati ogni due settimane.

Roche Holding (OTC:RHHBY) Azioni, Report sulle vendite allo scoperto

Roche Holding

ROCHE HLDG LTD SPONS

Roche is a Swiss biopharmaceutical and diagnostic company. The firm's bestselling pharmaceutical products include a variety of oncology therapies from acquired partner Genentech, and its diagnostics group was bolstered by the acquisition of Ventana in 2008. Oncology products account for 50% of pharmaceutical sales, and centralized and point-of-care diagnostics for more than half of diagnostic-related sales.

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Un farmaco nato per un altro scopo potrebbe risolvere il più grande effetto collaterale delle nuove terapie dimagranti.

Perdere peso senza perdere muscoli: la scommessa di Eli Lilly

ROCHE HOLDING LTD S/ADR by Roche Holding Ltd

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Reuters Cites Statement From Roche Saying To Date About 760 Ambulatory DMD Patients Have Been Treated With Elevidys; To Date There Have Been No Treatment-Related Fatalities In Ambulatory DMD Patients; Actively Working With Physicians And Patient Organizations To Address Their Questions On Elevidys

Reuters Cites Statement From Roche Saying Ready To Immediately Resume New Orders & Shipments Of Elevidys For Ambulatory Patients Outside Of U.S., In Close Collaboration With Health Authorities

The U.S. Food and Drug Administration (FDA) announced on Friday, after market close, that it is investigating the death of an 8-year-old boy who had received Elevidys, Sarepta Therapeutics Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) gene therapy for <a target="_blank" href="https://www.benzinga.com/general/biotech" rel="noreferrer noopener">Duchenne muscular dystrophy</a>.
The <a target="_blank" href="https://www.fda.gov/news-events/press-announcements/fda-investigating-death-8-year-old-boy-who-received-elevidys" rel="noreferrer noopener">death occurred</a> on June 7, 2025, prompting the FDA to request and receive a voluntary suspension of product distribution to investigate the safety concerns.
Elevidys is an adeno-associated virus vector-based gene therapy using Sarepta Therapeutics&#8217; AAVrh74 Platform Technology for Duchenne muscular dystrophy. The product is administered as a single intravenous dose.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46530056/sarepta-faces-regulatory-showdown-as-analysts-cut-price-targets" rel="noreferrer noopener">Sarepta Faces Regulatory Showdown As Analysts Cut Price Targets</a>
Despite the FDA&#8217;s investigation, Sarepta <a target="_blank" href="https://investorrelations.sarepta.com/news-releases/news-release-details/sarepta-therapeutics-provides-clarifying-statement-elevidys" rel="noreferrer noopener">issued a statement</a> on Friday asserting, &#8220;The death of this patient was deemed unrelated to treatment with Elevidys.&#8221;
Roche Holding AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>), which markets Elevidys outside the U.S., echoed this sentiment, stating the boy was not a clinical trial participant and the reporting physician assessed his death as unrelated to the gene therapy. Both companies have reported the death to the health authorities.
Sarepta formally reported this event to the FDA on June 18, 2025, via the FDA&#8217;s postmarketing electronic database, FAERS. A separate report from Stat News indicated that Brazilian regulators and physicians attributed the boy&#8217;s death to a severe flu infection exacerbated by immunosuppression.
William Blair noted that the FDA reported the boy who died was 8 years old, even though Elevidys is approved in Brazil only for boys aged 4 to 7 who can still walk.
This suggests the treatment may have been given quickly before the child became too old to qualify, meaning it couldn&#8217;t be postponed until after Brazil&#8217;s flu season.
While it&#8217;s known that immunosuppression raises the risk of infections and related complications, this case highlights the need for more research and better understanding of those risks in gene therapy. However, there is still not enough information to clearly determine what led to the child&#8217;s death.
Analyst Sami Corwin said, &#8220;In addition, we are puzzled as to why FDA is investigating a death deemed unrelated to the gene therapy and why the investigation was initiated more than a month after it was submitted into FAERS.&#8221;
This incident is not isolated for Sarepta. This year, the company has reported three fatalities linked to acute liver failure in individuals who received either Elevidys or an investigational gene therapy using the same AAVrh74 platform. One of these deaths occurred during a clinical trial for <a target="_blank" href="https://www.benzinga.com/news/fda/25/07/46515464/sareptas-shocking-stand-company-rejects-fda-request-to-pull-gene-therapy-elevidys" rel="noreferrer noopener">limb girdle muscular dystrophy</a>.
Adding to Sarepta&#8217;s challenges, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) issued a <a target="_blank" href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/07/46634492/sarepta-gets-thumbs-down-from-regulators-regarding-elevidys-gene-therapy" rel="noreferrer noopener">negative opinion</a> on Friday regarding conditional marketing authorization (CMA) for Elevidys in ambulatory individuals aged three to seven years with Duchenne muscular dystrophy.
In other news, Arrowhead Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARWR#NASDAQ">ARWR</a>) announced on Monday a $100 million milestone payment from Sarepta.
The milestone was triggered when Arrowhead reached the first of two prespecified enrollment targets and subsequent authorization to dose escalate in a Phase 1/2 study of ARO-DM1, an investigational RNA interference (RNAi) therapeutic for type 1 myotonic dystrophy (DM1), the most common <a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46655873/arrowhead-pharmaceuticals-earns-100-million-milestone-from-sarepta-therapeutics" rel="noreferrer noopener">adult-onset muscular dystrophy</a>.
Arrowhead expects to achieve the second enrollment target by the end of 2025, which would trigger an additional&nbsp;$200 million&nbsp;milestone payment from Sarepta.
Price Action: SRPT stock was trading lower by 1.34% to $11.77 premarket at last check Monday.
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FDA Probes Death Of 8-Year-Old Who Received Sarepta's Elevidys

– Trontinemab's Phase Ib/IIa Brainshuttle&#x2122; AD study continues to show rapid and robust clearance of amyloid plaques, with 91% becoming amyloid PET negative and ARIA-E remaining &lt;5% –
– Design of the Phase III TRONTIER 1 and 2 studies of trontinemab in early symptomatic Alzheimer's disease featured, with initiation planned in 2025 –
– Plans for new Phase III trial investigating trontinemab in preclinical Alzheimer's disease, in people at high risk of cognitive decline –
– New real-world data support Elecsys pTau217 as a standalone blood test, comparable to a PET scan, for rule-in and rule-out identification of amyloid pathology –

RHHBF

RHHVF

Roche And Genentech Reveal Amyloid Clearance With Trontinemab, Plan Two Phase III Trials In Early and Preclinical Alzheimer's Disease At AAIC 2025

On Friday, the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) issued a negative opinion on the conditional marketing <a target="_blank" href="https://www.benzinga.com/general/biotech" rel="noreferrer noopener">authorisation (CMA) for Elevidys</a> (delandistrogene moxeparvovec) for ambulatory individuals aged three to seven years with Duchenne muscular dystrophy (DMD).
Sarepta Therapeutics, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) and Roche Holdings AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) are collaborating to develop and commercialize gene therapy.
Also Read: <a href="https://www.benzinga.com/analyst-stock-ratings/downgrades/25/07/46584818/elevidys-halt-sparks-analyst-downgrades-sarepta-races-to-revise-label" target="_blank" rel="noreferrer noopener">Elevidys Halt Sparks Analyst Downgrades—Sarepta Races To Revise Label</a>
The CHMP opinion is based on data from the largest and broadest gene therapy clinical programme in DMD to date, including results from the pivotal Phase 3 EMBARK study, which showed that treatment with Elevidys provided sustained stabilisation or slowing of disease progression and a consistent and manageable safety profile in ambulatory patients.
To date, more than 900 individuals with DMD, 760 of whom are ambulatory, have been treated with Elevidys in clinical and real-world settings.
While the primary endpoint was not met in EMBARK after one year, Elevidys showed clinically meaningful and statistically significant improvements across important secondary endpoints of functional outcome measures when compared to placebo.
Longer-term efficacy <a target="_blank" href="https://www.roche.com/media/releases/med-cor-2025-07-25" rel="noreferrer noopener">data</a> were also submitted to EMA, including two-year results from the EMBARK study and three-year pooled efficacy analysis from three other Elevidys studies that showed clinically meaningful improvements across key measures of motor function.
On Monday, Sarepta said it will voluntarily and temporarily pause all U.S. shipments of Elevidys, its gene therapy for Duchenne&nbsp;<a target="_blank" href="https://www.benzinga.com/news/fda/25/07/46542878/sarepta-reverses-course-pauses-elevidys-shipments-amid-fda-safety-review" rel="noreferrer noopener">muscular dystrophy, effective July 22</a>.
According to a media report on Thursday, a senior FDA official had stated that the Center for Biologics Evaluation and Research would require additional clinical data to validate Elevidys&#8217; safety profile before returning to the market.
William Blair says it&#8217;s unclear what more the FDA wants before allowing Elevidys shipments to restart. However, requiring Sarepta to run another trial in ambulatory patients would be unusual, since Elevidys already has full approval for that group and there have been no deaths among those patients.
Analyst Sami Corwin pointed out that three patient deaths linked to severe liver damage after receiving Novartis AG&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) Zolgensma were reported in the FDA&#8217;s adverse event database.
However, the FDA did not stop shipments of that drug, which suggests its cautious approach may be limited to Sarepta's products. While there&#8217;s a chance the current pause could be lifted by the end of the year—especially for younger patients who can still walk—ongoing uncertainty about how long the pause will last and what steps are needed to resume treatment may keep pressure on the stock.
On Wednesday, Sarepta partner Arrowhead Pharmaceuticals, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARWR#NASDAQ">ARWR</a>) said Sarepta has recently experienced setbacks in products and programs unrelated to those licensed from Arrowhead.&nbsp;
Arrowhead believes it is on track to earn the first&nbsp;$100 million&nbsp;soon and the remaining&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/07/b46568779/arrowhead-pharmaceuticals-issues-statement-on-the-status-of-its-ongoing-agreement-with-sarepta-the" rel="noreferrer noopener">$200 million&nbsp;by the end of the year.</a>&nbsp;
Arrow added should Sarepta fail to make either the&nbsp;$100 million&nbsp;or&nbsp;$200 million&nbsp;near-term payment associated with enrollment of ARO-DM1 cohorts, Arrowhead would have the right to terminate the agreement with respect to ARO-DM1.
Price Action: SRPT stock is down 7.53% at $11.91 at the last check on Friday.
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Image: Shutterstock

Trading Ideas

Sarepta Gets Thumbs Down From Regulators Regarding Elevidys Gene Therapy

<ul>
<li>Group sales grew by 7%1 at constant exchange rates (CER; 4% in CHF), driven by strong demand for medicines.</li>
<li>Pharmaceuticals Division sales rose by 10% (6% in CHF), with Phesgo (breast cancer), Xolair (food allergies), Hemlibra (haemophilia A), Vabysmo (severe eye diseases) and Ocrevus (multiple sclerosis) being the top growth drivers.</li>
<li>Diagnostics Division sales were stable (-3% in CHF) as strong demand for pathology solutions and blood screening tests offset the impact of healthcare pricing reforms in China.</li>
<li>Core operating profit increased by 11% (6% in CHF), driven by higher sales and effective cost management.</li>
<li>Core earnings per share showed significant growth of 12% (8% in CHF); IFRS net income jumped by 23% (17% in CHF).</li>
<li>Outlook for 2025 confirmed.</li>
</ul>

Earnings

Roche H1 2025 Sales CHF 30.944B Up From CHF 29.848B YoY, Core EPS CHF 11.08 Up From CHF 10.23 YoY

<ul>
<li>Elecsys pTau181 is the first In Vitro Diagnostic Regulation (IVDR) certified test to rule out Alzheimer's associated amyloid pathology.</li>
<li>The minimally invasive, blood-based test can serve as a rule out for Alzheimer's pathology, reducing the need for confirmatory testing with a negative result.</li>
<li>Data from clinical study supports use in primary care for people with varying signs of cognitive decline.</li>
</ul>

Roche Secures CE Mark For Elecsys pTau181 Blood Test Designed To Rule Out Amyloid Pathology Linked To Alzheimer's Disease

CORRECTION: Roche Holding Ticker Is "RHHBY"

<a href="https://www.bloomberg.com/news/articles/2025-07-22/roche-pauses-shipments-of-contested-gene-therapy-outside-the-us">https://www.bloomberg.com/news/articles/2025-07-22/roche-pauses-shipments-of-contested-gene-therapy-outside-the-us</a>

'Roche Pauses Shipments of Contested Gene Therapy Outside the US' - Bloomberg

AstraZeneca plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>) announced on Tuesday that it will invest $50 billion in the <a target="_blank" href="https://www.benzinga.com/general/health-care" rel="noreferrer noopener">United States by 2030</a>.
The investment will create new, highly skilled direct and indirect jobs nationwide, the company <a target="_blank" href="https://www.astrazeneca.com/media-centre/press-releases/2025/astrazeneca-plans-to-invest-50bn-dollars-in-the-us.html" rel="noreferrer noopener">said</a>.
The cornerstone of this landmark investment is a new multi-billion-dollar U.S. manufacturing facility that will produce drug substances for the company's weight management and metabolic portfolio, including oral GLP-1, baxdrostat, oral PCSK9, and combination small-molecule products.
The new centre will produce small molecules, peptides, and oligonucleotides.
This multi-billion dollar capital investment is in addition to the $3.5 billion announced in November 2024.
The drug substance facility, planned for the Commonwealth of Virginia, would be AstraZeneca's largest single manufacturing investment in the world. It will leverage AI, automation, and data analytics to optimize production.
<h2 class="wp-block-heading">What Does The Investment Include?</h2>
The $50 billion investment across R&amp;D and manufacturing footprint in the U.S. over the next five years also includes:
<ul class="wp-block-list">
<li>Expansion of R&amp;D facility in Gaithersburg, Maryland</li>
<li>R&amp;D centre in Kendall Square, Cambridge, Massachusetts</li>
<li>Manufacturing facilities for cell therapy in Rockville, Maryland and Tarzana, California</li>
<li>Manufacturing expansion in Mount Vernon, Indiana</li>
<li>Specialty manufacturing expansion in Coppell, Texas</li>
<li>New sites to supply clinical trials.</li>
</ul>
The company said collectively, these investments will help deliver AstraZeneca's <a target="_blank" href="https://www.benzinga.com/general/biotech/24/05/38936595/astrazeneca-targets-ambitious-80b-in-total-revenue-by-2030-through-pipeline-expansion" rel="noreferrer noopener">ambition of reaching $80 billion</a> in Total Revenue by 2030, of which 50% would be generated in the U.S.
Howard Lutnick, U.S. Secretary of Commerce, said: "For decades Americans have been reliant on foreign supply of key pharmaceutical products. President Trump and our nation's new tariff policies are focused on ending this structural weakness. We are proud that AstraZeneca has made the decision to bring substantial pharmaceutical production to our shores."
<a target="_blank" href="https://www.benzinga.com/25/05/45234032/fda-expands-surprise-inspections-at-foreign-drug-and-food-facilities-targets-double-standards-in-overseas-manufacturing-oversight" rel="noreferrer noopener">Amid tariff uncertainty</a>, many drug companies are investing to boost production within the U.S. Most recently, Biogen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIIB#NASDAQ">BIIB</a>) said that it plans to invest an additional $2 billion in its existing manufacturing footprint in North Carolina's Research&nbsp;<a target="_blank" href="https://www.benzinga.com/news/health-care/25/07/46529101/biogen-bets-big-on-2-billion-expansion-to-boost-us-drug-manufacturing" rel="noreferrer noopener">Triangle Park (RTP)</a>.
Eli Lilly And Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) doubled&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/25/02/43982604/eli-lilly-doubles-capital-spending-on-us-drug-manufacturing-with-50-billion-target" rel="noreferrer noopener">domestic medicine production</a>.
Thermo Fisher Scientific Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMO#NYSE">TMO</a>) announced it would invest an additional $2 billion in the U.S. over&nbsp;<a target="_blank" href="https://www.benzinga.com/general/health-care/25/04/44995428/thermo-fisher-doubles-down-on-us-manufacturing-in-2b-expansion-plan" rel="noreferrer noopener">the next four years</a>.
Medtech firm&nbsp;Becton, Dickinson, and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDX#NYSE">BDX</a>) also announced its intention to invest&nbsp;$2.5 billion&nbsp;in U.S. manufacturing capacity&nbsp;<a target="_blank" href="https://www.benzinga.com/general/health-care/25/05/45140102/potential-tariff-bites-into-becton-dickinson-2025-profit-outlook-company-will-invest-2-5-billion-to-boost-us-manufacturing" rel="noreferrer noopener">over the next five years</a>.
Regeneron Pharmaceuticals, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REGN#NASDAQ">REGN</a>) seeks to nearly double its manufacturing capacity through a new agreement with&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/25/04/44931246/regeneron-partners-with-japan-based-fujifilm-to-bolster-us-manufacturing-capacity-via-3-billion-deal" rel="noreferrer noopener">FUJIFILM Diosynth Biotechnologies</a>. Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) unveiled a $23 billion investment plan to expand in the U.S.&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/25/04/44761201/novartis-commits-23-billion-to-expand-us-manufacturing-over-five-years-despite-tariffs-uncertaint" rel="noreferrer noopener">over the next five years</a>.
Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>) plans to invest more than&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/25/03/44433978/johnson-johnson-to-invest-55-billion-in-us-to-boost-manufacturing-drug-discovery" rel="noreferrer noopener">$55 billion in the U.S. over the next four years</a>. Roche Holdings AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) announced that it will invest $50 billion in the U.S. over&nbsp;<a target="_blank" href="https://www.benzinga.com/topic/pharmaceuticals" rel="noreferrer noopener">the next five years.</a>
Bristol-Myers Squibb &amp; Co.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>) Christopher Boerner, chair and chief executive officer,&nbsp;<a target="_blank" href="https://www.statnews.com/2025/05/05/bristol-myers-squibb-pharmaceutical-policy-us-trump-administration-innovation-tariffs/?tblci=GiCUX7wvU_AgmIIiQduNYr6JQuJQLy6SZJGvpyeZuCzyqiCN1VcoxvTN4f7-y-PqATDviEo" rel="noreferrer noopener">shared</a> plans to invest $40 billion in U.S. R&amp;D, technology, and manufacturing over the next five years. Sanofi SA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNY#NASDAQ">SNY</a>) announced it will invest at least&nbsp;$20 billion&nbsp;in&nbsp;the&nbsp;<a target="_blank" href="https://www.benzinga.com/25/05/45419235/sanofi-joins-other-big-pharma-to-navigate-potential-tariff-impact-with-at-least-20-billion-in-investments-through-2030" rel="noreferrer noopener">U.S.&nbsp;through 2030</a>. The bulk of the spending will go to R&amp;D and U.S. manufacturing.
Price Action: AZN stock is up 2.34% at $70.33 at the last check on Tuesday
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Photo by JHVEPhoto via Shutterstock

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Trump Tariffs Forces AstraZeneca To Bring Substantial Pharmaceutical Production To US

<ul>
<li>The pivotal Phase IIb ALIENTO study met the primary endpoint of a statistically significant reduction in the annualized exacerbation rate (AER) at 52 weeks when astegolimab was given every two weeks</li>
<li>The Phase III ARNASA study did not meet the primary endpoint of a statistically significant reduction in the AER at 52 weeks</li>
<li>The safety profile of astegolimab was consistent with previously reported data, with no new safety signals identified</li>
<li>Analysis of the ALIENTO and ARNASA data will be discussed with regulatory authorities and shared at an upcoming medical meeting</li>
</ul>

Roche's Genentech Highlights Consistent Safety Profile For Astegolimab Across ALIENTO And ARNASA COPD Trials With No New Safety Signals Identified

As the Donald Trump administration plans up to 200% tariffs on pharmaceutical companies, Emily Field, head of European pharma research at Barclays, has said that it&#8217;s hard to predict which firm would be affected the most by these tariffs, except for Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>).
Check out the current price of&nbsp;<a href="https://www.benzinga.com/quote/NVO">NVO stock here</a>.
What Happened: Explaining that the pharmaceutical companies as a whole are &#8220;out of favor&#8221; for tariffs, Field <a href="https://www.cnbc.com/video/2025/07/14/barclays-the-pharma-sector-is-very-out-of-favor-for-tariffs.html">told</a> CNBC that it was hard to single out a company that could be the most affected by the levies.
&#8220;It&#8217;s really difficult to say because they have really complex supply chains and companies like to keep it under the wraps,&#8221; she said, adding that &#8220;Novo Nordisk has been called out just because we know a lot of active pharmaceutical ingredients for Wegovy are manufactured in Denmark, so that&#8217;s just one that investors have highlighted.&#8221;
She adds, &#8220;But that could also just be because we have a more concrete idea of how their drug flows. But for the most part, this sector is just very out of favor for tariffs.&#8221;
Talking about the European pharma companies that were planning to invest in the U.S., Field mentioned Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>), Roche Holdings AG (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTCQX">RHHBY</a>), and AstraZeneca PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AZN#NASDAQ">AZN</a>).
&#8220;We have seen from a number of European companies very significant announcements about manufacturing investments in the United States. We have seen that from Novartis, Roche, and we also know that the companies are working with the administration on this &#8216;Most Favored Nation&#8217; (MFN) drug pricing policy,&#8221; she said.
She also added that AstraZeneca is likely considering changing its registration to the U.S. &#8220;All of the companies based in Europe are emphasizing that they are very committed to the U.S. and manufacturing in the U.S.&#8221;
According to Field, this is all connected in some way. &#8220;It could be a combination of tariffs and drug pricing that the industry and administration can strike a deal that is favorable to both parties,&#8221; Field explained.
See Also: <a href="https://www.benzinga.com/markets/tech/25/07/46400448/dan-ives-bets-on-cybersecurity-as-biggest-subsector-in-tech-for-2025-expects-strong-q2-earnings-from-crowdstrike-zscaler-palo-alto-check-point">Dan Ives Bets On Cybersecurity As &#8216;Biggest Subsector&#8217; In Tech For 2025; Expects Strong Q2 Earnings From CrowdStrike, Zscaler, Palo Alto, Check Point</a>
Why It Matters: Barclays has also <a href="https://www.benzinga.com/markets/equities/25/07/46364024/trump-threatens-200-pharma-tariffs-but-analyst-says-this-stock-is-immune-and-expected-to-benefit-from-levies">cautioned that a 200% pharma tariff</a> would &#8220;inflate production costs, compress profit margins, and risk supply chain disruptions." 
&#8220;We are waiting for the results of the Section 232 investigation from the Commerce Ministry, which is supposed to come by the end of the month. Prior to Trump saying that he was going to announce 200%, I think most have been expecting 25%; however, the industry&#8217;s response is that tariffs will be negative for patients, as it could result in drug shortages,&#8221; Feild said.
These are some pharma ETFs that could be impacted as the long-awaited industry-wide tariffs would be announced &#8220;very soon,&#8221; according to Trump.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Pharma ETFs</td>
<td>YTD Performance</td>
<td>One-Year Performance</td>
</tr>
<tr>
<td>VanEck Pharmaceutical ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPH#NASDAQ">PPH</a>)</td>
<td>0.45%</td>
<td>-6.90%</td>
</tr>
<tr>
<td>iShares US Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IHE#NYSE">IHE</a>)</td>
<td>1.01%</td>
<td>-3.91%</td>
</tr>
<tr>
<td>Invesco Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PJP#NYSE">PJP</a>)</td>
<td>-1.22%</td>
<td>-3.19%</td>
</tr>
<tr>
<td>SPDR S&amp;P Pharmaceuticals ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPH#NYSE">XPH</a>)</td>
<td>-1.95%</td>
<td>-1.55%</td>
</tr>
<tr>
<td>KraneShares MSCI All China Health Care Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KURE#NYSE">KURE</a>)</td>
<td>29.34%</td>
<td>33.78%</td>
</tr>
<tr>
<td>First Trust Nasdaq Pharmaceuticals ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXH#NASDAQ">FTXH</a>)</td>
<td>-3.88%</td>
<td>-8.36%</td>
</tr>
<tr>
<td>Direxion Daily Pharmaceutical &amp; Medical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PILL#NYSE">PILL</a>)</td>
<td>-18.59%</td>
<td>-24.16%</td>
</tr>
</tbody>
</table>
</figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, ended mixed on Tuesday. The SPY was down 0.43% at $622.14, while the QQQ advanced 0.092% to $556.72, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pr</a>o data.
On Wednesday, the futures of the S&amp;P 500, Dow Jones, and Nasdaq 100 indices were trading lower.
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Equities

FTXH

iShares Dow Jones US Pharmaceuticals Index Fund

KURE

PILL

Merrill Lynch Pharmaceutical HOLDRs Trust

Trump's Pharma Tariffs Can Hit Novo Nordisk, Says Barclays Expert, But It's 'Difficult' To Predict As Drugmakers Have 'Complex Supply Chains'

JPMorgan Chase CEO Jamie Dimon issued a stark message to European leaders this week: the continent is steadily falling behind the United States, and financial markets now expose just how wide <a href="https://www.benzinga.com/markets/eurozone">the gap has become.</a>
At a conference in Dublin organized by Ireland's foreign ministry, Dimon warned that Europe is slipping in the global economic race. Over the past 10 to 15 years, he noted, the region's share of global output has dropped sharply compared to the U.S.
"Europe has gone from 90% U.S. GDP to 65% over 10 or 15 years. That's not good. You're losing," Dimon said.
He pointed to sluggish growth, outdated regulation, and insufficient investment as key reasons why the EU is falling behind both the U.S. and China.
While Dimon's focus was on economic differences in terms of GDP, the numbers coming out of stock markets reveal an even deeper structural divide between the U.S. and Europe.
<h2 class="wp-block-heading">Market Caps Tell An Even Bigger Divergence Story</h2>
The combined market capitalization of America's Magnificent Seven—Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)—has now soared past $18.3 trillion.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Top U.S. Tech Giants</th>
<th>Market Cap</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nvidia</td>
<td>$4.08T</td>
</tr>
<tr>
<td>Microsoft</td>
<td>$3.74T</td>
</tr>
<tr>
<td>Apple</td>
<td>$3.15T</td>
</tr>
<tr>
<td>Amazon</td>
<td>$2.39T</td>
</tr>
<tr>
<td>Alphabet</td>
<td>$2.20T</td>
</tr>
<tr>
<td>Meta</td>
<td>$1.81T</td>
</tr>
<tr>
<td>Tesla</td>
<td>$995B</td>
</tr>
<tr>
<td>Total</td>
<td>$18.37T</td>
</tr>
</tbody>
</table>
</figure>
By contrast, the top seven companies in Europe—including SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>), Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>), ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), Hermès International SCA (OTCPK: HESAY), LVMH Moët Hennessy Louis Vuitton SE (OTCPK: LVMUY), Roche Holding AG (OTCPK: RHHBY), and Nestlé S.A. (OTCPK: NSRGY)—are worth just $2.1 trillion combined.
The gap is staggering. The U.S. tech giants are now worth over nine times as much as Europe's largest companies.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Top EU Corporates</th>
<th>Market Cap</th>
</tr>
</thead>
<tbody>
<tr>
<td>SAP</td>
<td>$359B</td>
</tr>
<tr>
<td>Novo Nordisk</td>
<td>$317B</td>
</tr>
<tr>
<td>ASML</td>
<td>$314B</td>
</tr>
<tr>
<td>Hermès</td>
<td>$303B</td>
</tr>
<tr>
<td>LVMH</td>
<td>$295B</td>
</tr>
<tr>
<td>Roche</td>
<td>$265B</td>
</tr>
<tr>
<td>Nestlé</td>
<td>$252B</td>
</tr>
<tr>
<td>Total</td>
<td>$2.11T</td>
</tr>
</tbody>
</table>
</figure>
Over the past 20 years, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – which tracks the S&amp;P 500 – has outperformed the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) by a staggering 244%.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="525" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-1024x525.png" alt="" class="wp-image-982188" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-1024x525.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-768x394.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-1536x788.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-2048x1051.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
"We've got this huge, strong market and our companies are big and successful, have huge kinds of scale that are global. You have that, but less and less," he said.
Dimon's comments add to growing concern across the continent. Last year, former European Central Bank chief Mario Draghi called for €800 billion per year in industrial investment to help Europe remain globally competitive.
Yet, despite repeated calls for reform, European stock markets continue to lag behind as U.S. firms dominate in scale, innovation and investor interest.
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Magnificent 7 Crush EU Giants—Jamie Dimon Tells Europe: 'You're Losing'

While multinational pharmaceutical firm Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) represents one of the top drugmakers in the world, that status alone hasn't exempted its equity from underperformance. In the past 52 weeks, LLY stock finds itself down almost 16%. Since the beginning of this year, LLY has barely poked its head above parity. Nevertheless, the statistical winds may point to an eventual recovery which options traders could potentially exploit.
Fundamentally, in the post-pandemic era, sentiment toward Eli Lilly skyrocketed thanks to its <a href="https://www.benzinga.com/news/25/01/42933134/fda-approves-weight-loss-drug-zepbound-for-sleep-apnea-will-insurance-cover-this-1000-per-month-medication">weight-loss drug</a>. In 2023, the U.S. Food and Drug Administration (FDA) approved the Zepbound (tirzepatide), the first prescription medication for treating moderate-to-severe obstructive sleep apnea (OSA) in adults with obesity. An injectable prescription medication that helps adults with other weight-related problems, Zepbound's clinical trials showed promising results.
Thanks to this early success, Eli Lilly and Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) effectively formed a duopoly in the weight-loss market. While this reality contributed to a significant valuation surge, competition started to heat up last year. With major pharmaceuticals like Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and Roche Holding Ltd (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) announcing advancements in the <a href="https://www.benzinga.com/general/biotech/24/07/39849867/exclusive-weight-loss-duopoly-breaks-as-eli-lilly-novo-plummet-market-wont-be-dominated-by-just-2">development of obesity-fighting drugs</a>, LLY stock entered into a frustrating consolidation channel.
Still, with the pharmaceutical giant incurring an extended period of red ink in the market, JPMorgan analyst Chris Schott is essentially making the case that Eli Lilly is undervalued. Specifically, prescriptions for Zepbound and Mounjaro (an injectable <a href="https://www.lilly.com/news/media/media-kits/mounjaro">medicine</a> for adults with type 2 diabetes) are running ahead of expectations in the second quarter. As such, this performance may allow the pharmaceutical to beat and raise guidance throughout 2025.
Even with the <a href="https://www.benzinga.com/content/45261458/is-eli-lilly-a-buy-after-weak-earnings-and-cvs-novo-partnership">formulary change</a> by CVS Health (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) putting around 200,000 patients at risk of losing access, Schott states that Eli Lilly's market share — which stands at about 70% to 75% of new patients — and strong momentum may help the company easily absorb the impact.
<h2 class="wp-block-heading">Statistical Backdrop Could Point To A Recovery In LLY Stock</h2>
Although the fundamental narrative of LLY stock is intriguing, it may also be a presuppositional leap. Essentially, the conclusion that LLY is undervalued is already embedded in the premise (that the market is not fully pricing in the good news for Eli Lilly).
If one thinks about it, it's an extraordinary claim. LLY stock routinely ranks among the most actively traded securities. That the market is somehow mispricing the pharmaceutical giant is an assertion that requires extraordinary evidence. In my opinion, if such evidence exists, it will likely materialize in the statistical realm as it's the arena that few (if any) analysts venture into.
A significant barrier to statistical analysis of the financial markets is the deployment of continuous scalar signals, such as share price or various valuation ratios. Because these signals are non-stationary, it's difficult (if not outright impossible) to extract meaningful insights based on the frequency of past analogs. Especially for highly traded securities like LLY stock, the measurement metrics constantly fluctuate.
To remedy this problem, we can impose stationarity by converting scalar signals into discrete states. For analyzing securities, converting share price into market breadth or sequences of accumulative and distributive sessions carries significant advantages. First, market breadth is essentially a representation of demand and demand is effectively binary. Second, clusters of binary codes can form distinct behavioral states, which can then serve as past analogs for extracting forward probabilities.
As an example, in the trailing two months, the price action of LLY stock can be interpreted as a "6-4-D" sequence: six up weeks, four down weeks, with a negative trajectory across the 10-week period. Admittedly, this process pancakes LLY's magnitude dynamism into a simple binary code. But the benefit is that this code can be easily segregated into distinct market profiles. From there, we can observe the likelihood of transition from one state to another.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/07142726/LLY-stock-10wk-forecast-1024x576.jpg" alt="" class="wp-image-975331" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/07142726/LLY-stock-10wk-forecast-1024x576.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/07142726/LLY-stock-10wk-forecast-300x169.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/07142726/LLY-stock-10wk-forecast-768x432.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/07142726/LLY-stock-10wk-forecast.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image by author</figcaption></figure>
With the above framework, we can identify that since January 2019, the 6-4-D sequence has materialized 38 times. From past analogs, we can also determine that in 68.42% of cases, the following week's price action results in upside, with a median return of 2.47%.
Accounting for the volatility on Monday, a realistic target over the next three weeks — assuming that the bulls gain and maintain control of the market — is just under the $800 level.
<h2 class="wp-block-heading">Playing The Odds With Eli Lilly</h2>
Based on the market intelligence above, bold speculators may consider the 785/790 bull call spread expiring Aug. 1. This transaction involves buying the $785 call and simultaneously selling the $790 call, for a net debit paid of $255 (the most that can be lost in the trade). Should LLY stock rise through the short strike price ($790) at expiration, the maximum reward is $245, a payout of 96%.
To be sure, the 780/790 bull spread expiring on the same day offers a payout of nearly 113%. However, the net debit required is $470, which puts significantly more capital at risk for only a modest increase in payout. Therefore, the 785/790 call spread is arguably more tempting.
Either way, both transactions require LLY stock to hit or exceed $790 on Aug. 1, which empirically appears to be a reasonable target. As a baseline, the chance that a long position in LLY will be profitable on any given week is quite high at 60.29%. However, the market's response to the 6-4-D sequence amplifies the odds in favor of the bullish speculator, thus incentivizing a debit-based strategy.
The opinions and views expressed in this content are those of the individual author and do not necessarily reflect the views of Benzinga. Benzinga is not responsible for the accuracy or reliability of any information provided herein. This content is for informational purposes only and should not be misconstrued as investment advice or a recommendation to buy or sell any security. Readers are asked not to rely on the opinions or information herein, and encouraged to do their own due diligence before making investing decisions.
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Photo: Shutterstock

Long Ideas

Options

Options Corner: Bullish Traders Eye Eli Lilly As Market Signals Hint At A Turnaround

On Monday, HC Wainwright initiated coverage on Septerna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEPN#NASDAQ">SEPN</a>), citing a next-generation drug design platform aimed at <a href="https://www.benzinga.com/general/health-care" target="_blank" rel="noreferrer noopener">hitherto-undruggable targets</a>.
Septerna is working on G protein-coupled receptor (GPCR) drug discovery powered by its proprietary Native Complex Platform. Its industrial-scale platform aims to unlock the full <a href="https://www.benzinga.com/pressreleases/25/05/g45450781/septerna-highlights-business-progress-and-reports-first-quarter-2025-financial-results" target="_blank" rel="noreferrer noopener">potential of GPCR therapies</a>.
It has led to the discovery and development of its deep pipeline of oral small molecule product candidates focused initially on treating patients in three therapeutic areas: endocrinology, immunology and inflammation, and metabolic diseases.
Also Read: <a href="https://www.benzinga.com/general/biotech/25/05/45407486/novo-nordisk-inks-22-billion-deal-with-septerna-to-develop-oral-weight-loss-and-diabetes-drugs" target="_blank" rel="noreferrer noopener">Novo Nordisk Inks $2.2 Billion Deal With Septerna To Develop Oral Weight Loss And Diabetes Drugs</a>
Analyst Raghuram Selvaraju, in his report, highlighted several compelling factors for investors.
He pointed out that &#8220;Septerna trades at a discount to its most recently reported cash position and upfront cash from a recently-inked partnership.&#8221; 
This, he argues, makes Septerna &#8220;a risk-mitigated opportunity with multiple shots on goal and catalysts constituting key value inflection points slated to accrue over the next six to 12 months.&#8221;
HC Wainwright has initiated coverage on the biotechnology firm with a Buy rating and a <a href="https://www.benzinga.com/quote/SEPN/analyst-ratings">price forecast of $26</a>.
The company&#8217;s most advanced drug candidate, SEP-631, is a selective oral small molecule MRGPRX2 negative allosteric modulator (NAM) in development for mast cell diseases, including chronic spontaneous urticaria (CSU).
Wainwright believes SEP-631 could offer a distinct treatment option for CSU patients. This is due to its selective inhibition of mast cells, convenient oral administration, and potential for combination therapy. 
Selvaraju further noted that if SEP-631 can replicate the efficacy of Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>)/Roche Holdings AG&#8217;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) Xolair (omalizumab) – an anti-IgE monoclonal antibody that generated nearly $3.9 billion in sales in 2023, it &#8220;could readily achieve blockbuster status based on an enhanced convenience profile.
Further solidifying its position, Septerna recently announced an exclusive global collaboration and license agreement with Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>) in May. 
This <a href="https://www.benzinga.com/general/biotech/25/05/45407486/novo-nordisk-inks-22-billion-deal-with-septerna-to-develop-oral-weight-loss-and-diabetes-drugs">significant pact</a> covers the discovery, development, and commercialization of oral small-molecule medicines for obesity, type 2 diabetes, and other cardiometabolic diseases, with<a href="https://www.novonordisk.com/content/nncorp/global/en/news-and-media/news-and-ir-materials/news-details.html?id=916006"> four development programs</a> initially commencing. 
HC Wainwright underscored the financial implications of this partnership, stating, &#8220;given the size of the upfront and near-term milestone payments, we feel that Septerna&#8217;s implied enterprise value is either negligible or actually negative, further mitigating risk and underscoring the extent to which the company appears undervalued.&#8221;
Price Action: SEPN stock is trading higher by 0.38% to $10.51 at last check Monday.
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Price Target

Initiation

SEPN

Analyst Flags Septerna As Undervalued Biotech Play With Significant Upside

On Sunday, Exelixis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXEL#NASDAQ">EXEL</a>) revealed topline results from the STELLAR-303 phase 3 pivotal trial of zanzalintinib (100 mg) <a target="_blank" href="https://www.benzinga.com/pressreleases/25/06/b46044198/exelixis-announces-zanzalintinib-in-combination-with-an-immune-checkpoint-inhibitor-improved-overa" rel="noreferrer noopener">combined with atezolizumab</a>.
The study includes patients with previously treated non-microsatellite instability (MSI)-high <a target="_blank" href="https://www.benzinga.com/general/health-care" rel="noreferrer noopener">metastatic colorectal cancer (CRC)</a>.
Zanzalintinib in combination with Roche Holdings AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) atezolizumab (Tecentriq) demonstrated a statistically significant improvement in overall survival (OS) versus Bayer AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>) Stivarga (regorafenib).
Also Read: <a href="https://www.benzinga.com/general/biotech/25/05/45418036/exelixis-stock-soars-as-analysts-applaud-raised-2025-guidance-q1-earnings-beat" target="_blank" rel="noreferrer noopener">Exelixis Stock Soars As Analysts Applaud Raised 2025 Guidance, Q1 Earnings Beat</a>
These topline findings are from the final analysis conducted by the Independent Data Monitoring Committee of one of the dual primary endpoints of the STELLAR-303 phase 3 trial.
The trial will proceed to the planned final analysis for the other dual primary endpoint of OS in patients without liver metastases (non-liver metastases, NLM).
The safety profiles of zanzalintinib in combination with atezolizumab and of regorafenib were generally consistent with what has been previously observed, and no new safety signals were identified.
Secondary endpoints of STELLAR-303 include progression-free survival, objective response rate and duration of response in the ITT population and in the NLM subgroup of patients. Exelixis plans to submit detailed results of STELLAR-303 for presentation at an upcoming medical conference.
Following this positive news, analysts at William Blair said that the announcement &#8220;represents the first pivotal success from the zanzalintinib program, and we are encouraged that the STELLAR-303 study met one of the dual primary endpoints of overall survival among the intent-to-treat population, representing the largest commercial opportunity (risk-adjusted U.S. peak sales of $875 million, according to our estimates).&#8221;
Management had earlier projected that zanzalintinib could reach $5 billion in U.S. net product sales by 2033, with 45% expected from genitourinary cancers, another 45% from gastrointestinal cancers, and the remaining 10% from head-and-neck cancers. Analyst Andy Hsieh asserted that the early positive results from the STELLAR-303 trial mark the first step toward reaching that target.
He added, &#8220;From a stock perspective, given its substantial and likely durable cash flow generation into early 2030, we continue to believe Exelixis provides investors with a highly defensive investment profile. We also believe that the strategic positioning outlined by Exelixis should drive moderate growth into the next decade.&#8221;
Adding to Exelixis&#8217; recent positive developments, its partner Ipsen also recently achieved a regulatory milestone.
On Friday, Exelixis&#8217; partner Ipsen received a positive opinion from the European Medicine Agency&#8217;s Committee for Medicinal Products for Human Use for Cabometyx (cabozantinib) for adult patients with unresectable or metastatic, well-differentiated extra-pancreatic and pancreatic neuroendocrine tumors who have progressed following at least one prior systemic therapy <a target="_blank" href="https://www.benzinga.com/pressreleases/25/06/b46022267/exelixis-partner-ipsen-receives-positive-chmp-opinion-for-cabometyx-cabozantinib-for-patients-with" rel="noreferrer noopener">other than somatostatin analogs</a>.
A regulatory decision by the European Medicines Agency is anticipated in 2025. In March 2025, the U.S. Food and Drug Administration approved <a href="https://www.benzinga.com/pressreleases/25/06/b46022267/exelixis-partner-ipsen-receives-positive-chmp-opinion-for-cabometyx-cabozantinib-for-patients-with" target="_blank" rel="noreferrer noopener">Cabometyx in this setting</a>.
Price Action: EXEL stock is trading higher by 11.1% to $44.85 at last check Monday.
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BAYRY

EXEL

Exelixis' Zanzalintinib Combo Boosts Survival In Colorectal Cancer, Stock Soars

<figure class="wp-block-image aligncenter size-full"><img loading="lazy" decoding="async" width="896" height="504" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23064915/Syringes.jpg" alt="" class="wp-image-14732" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23064915/Syringes.jpg 896w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23064915/Syringes-300x169.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23064915/Syringes-768x432.jpg 768w" sizes="(max-width: 896px) 100vw, 896px" /></figure>
Two Biotechs Poised For Big Moves On Monday (Sana Biotechnology &#x7C; Lineage Cell Therapeutics)
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<h3 class="wp-block-heading">1&#xFE0F;&#x20E3; Sana Biotechnology</h3>
Sana Biotechnology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANA#NASDAQ">SANA</a>)
Catalyst: Invited six-month clinical update — ADA Scientific Sessions, Monday @ 10:30 a.m. CT <a href="https://ir.sana.com/news-releases/news-release-details/sana-biotechnology-announces-invited-oral-presentation-85th?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener">ir.sana.com</a><a href="https://www.globenewswire.com/news-release/2025/06/09/3096183/0/en/Sana-Biotechnology-Announces-Invited-Oral-Presentation-at-the-85th-Annual-American-Diabetes-Association-Scientific-Sessions.html?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener">globenewswire.com</a>
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>What we'll hear</th>
<th>Why it matters</th>
</tr>
</thead>
<tbody>
<tr>
<td>First-in-human data on UP421, a hypoimmune‐modified islet-cell therapy for Type 1 diabetes</td>
<td>• One treated patient is six months insulin- &amp; immunosuppression-free. • If replicated, UP421 could leapfrog donor-islet transplants, the current gold standard that still requires lifelong immunosuppression.</td>
</tr>
<tr>
<td>Safety &amp; durability profile through 180 days</td>
<td>• The ADA crowd is data‐driven: low adverse events and durable C-peptide levels would de-risk the platform.</td>
</tr>
<tr>
<td>Expansion path (multi-patient cohort)</td>
<td>• Positive signals open the door to "breakthrough" or RMAT dialogue with FDA, accelerating timelines.</td>
</tr>
</tbody>
</table>
</figure>
Why the stock could pop Monday
<ul class="wp-block-list">
<li>Audience effect: the ADA meeting pulls in ~11-12 k registrants; roughly 3–4 k are adult endocrinologists who influence treatment paradigms and often trade or recommend names they've just seen. <a href="https://www.breakthrought1d.org/news-and-updates/adas-85th-scientific-sessions/?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener">breakthrought1d.org</a></li>
<li>Scarcity value: no other public company has shown insulin independence without immunosuppression.</li>
<li>Float dynamics: SANA's free float is only ~24 % of shares outstanding; a modest uptick in buy-interest can move the tape quickly.</li>
</ul>
Watch-for: If the single-patient success extends to the next two patients in cohort B, look for sell-side upgrades and chatter about a pivotal trial design in H2-25.
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<h3 class="wp-block-heading">2&#xFE0F;&#x20E3; Lineage Cell Therapeutics</h3>
Lineage Cell Therapeutics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LCTX#NYSE">LCTX</a>)
Catalyst window: Genentech PR "within weeks" + 36-month OpRegen&#xAE; read-out at CTS-2025 (June 27) <a href="https://www.businesswire.com/news/home/20250512395886/en/RG6501-OpRegen-Phase-12a-Clinical-Study-36-Month-Results-to-Be-Featured-at-Clinical-Trials-at-the-Summit-2025?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener">businesswire.com</a><a href="https://www.businesswire.com/news/home/20250605204221/en/Lineage-Cell-Therapeutics-Announces-Updates-to-the-3rd-Annual-Spinal-Cord-Injury-Investor-Symposium?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener">businesswire.com</a><a href="https://www.modernretina.com/view/lineage-to-announce-data-from-phase-1-2a-study-on-use-of-rg6501?utm_source=chatgpt.com" target="_blank" rel="noreferrer noopener">modernretina.com</a>
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<th>What could hit</th>
<th>Price-sensitive angle</th>
</tr>
</thead>
<tbody>
<tr>
<td>Roche Holding AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) subsidiary Genentech/LCTX services-agreement milestones or data-share PR</td>
<td>• Prior Genentech press releases on OpRegen have triggered double-digit one-day moves in LCTX.</td>
</tr>
<tr>
<td>36-month functional vision data (phase 2a, GA secondary to AMD)</td>
<td>• If BCVA gains remain ≥7 letters and lesion growth stays slowed, analysts will start modelling blockbuster-size royalties.</td>
</tr>
<tr>
<td>Potential partner opt-in for spinal cord (SCIIS meeting)</td>
<td>• Separately, Lineage tees-up a June 27 investor symposium on spinal cord injury – any strategic partner news adds another risk-on spark.</td>
</tr>
</tbody>
</table>
</figure>
Why Monday could be the start of a new leg
<ul class="wp-block-list">
<li>Pattern set-up: the stock has been basing in the $1.60–1.80 zone; traders remember the May 2024 Genentech PR that drove a 40 % gap.</li>
<li>Valuation gap: LCTX trades at &lt; 3× 2026e OpRegen royalty sales versus cell-therapy peers at 8–10×.</li>
<li>Short-term IV low: front-month at-the-money calls imply a ±12 % move by July — well under the 20–30 % jumps we saw on the last three data bursts.</li>
</ul>
Watch-for: A Monday-morning 8-K or Genentech newsroom post; if nothing drops, option premiums may leak until later in the week — keep a trading tranche nimble.
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<h3 class="wp-block-heading">Tactical takeaways</h3>
<ol class="wp-block-list">
<li>SANA: momentum play into the ADA deck. Small float + novel cure angle = potential volatility.</li>
<li>LCTX: event-driven swing; even a "PR-then-data" one-two punch could squeeze shorts.</li>
<li>Risk management: both names are clinical-stage — size positions modestly, use stops, and consider call-spreads to bound downside.</li>
</ol>
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Bottom line: Monday's calendar lines up two asymmetric biotech shots: If Sana's six-month data look anything like the first patient's, endocrinologists will be talking — and buying — before lunch. If Lineage's big-pharma partner steps back into the headlines, we could see the May-style pop all over again.
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<h3 class="wp-block-heading">Our positions in both stocks</h3>
Portfolio Armor Substack subscribers and I are long SANA and LCTX via options. I wrote about SANA <a href="https://www.benzinga.com/general/biotech/25/05/45498697/the-end-of-the-diabetes-industry-this-small-cap-could-upend-the-business-models-of-pharma-giants">here</a>.
<figure class="wp-block-image size-full"><a href="https://portfolioarmor.substack.com/p/the-end-of-the-diabetes-industry"><img loading="lazy" decoding="async" width="828" height="812" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050427/SANA.jpg" alt="" class="wp-image-14724" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050427/SANA.jpg 828w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050427/SANA-300x294.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050427/SANA-768x753.jpg 768w" sizes="(max-width: 828px) 100vw, 828px" /></a></figure>
And I first wrote about LCTX <a href="https://portfolioarmor.substack.com/p/trade-alert-biotech-lotto-ticket">last Friday</a>. 
<figure class="wp-block-image size-full"><a href="https://portfolioarmor.substack.com/p/trade-alert-biotech-lotto-ticket"><img loading="lazy" decoding="async" width="833" height="733" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050717/LCTX.jpg" alt="" class="wp-image-14725" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050717/LCTX.jpg 833w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050717/LCTX-300x264.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050717/LCTX-768x676.jpg 768w" sizes="(max-width: 833px) 100vw, 833px" /></a></figure>
We plan on selling half of our positions into a strong upward move to lock in profits. 
If you would like a heads up when we place our next trade, feel free to subscribe to the Portfolio Armor Substack below. 
<figure class="wp-block-image aligncenter size-full"><a href="https://portfolioarmor.substack.com/"><img loading="lazy" decoding="async" width="581" height="372" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050929/Widget-2-1.jpg" alt="" class="wp-image-14726" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050929/Widget-2-1.jpg 581w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23050929/Widget-2-1-300x192.jpg 300w" sizes="(max-width: 581px) 100vw, 581px" /></a></figure>
And if you want to limit your downside risk, in light of the conflict in the Mideast, consider <a href="https://apps.apple.com/us/app/portfolio-armor/id394951144">the Portfolio Armor iPhone app</a> or <a href="https://apps.apple.com/us/app/portfolio-armor/id394951144">website</a>. Both will help you scan for the optimal hedge given your risk tolerance and time frame. 
<figure class="wp-block-image aligncenter size-large"><a href="https://apps.apple.com/us/app/portfolio-armor/id394951144"><img loading="lazy" decoding="async" width="1024" height="683" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23051320/PA-JPEG-1-2-1024x683.jpeg" alt="" class="wp-image-14727" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23051320/PA-JPEG-1-2-1024x683.jpeg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23051320/PA-JPEG-1-2-300x200.jpeg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23051320/PA-JPEG-1-2-768x512.jpeg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/23051320/PA-JPEG-1-2.jpeg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>

Opinion

LCTX

SANA

Two Biotech Stocks Poised For Big Moves On Monday

<ul>
<li>Positive phase I/II data presented at the 2025 International Society on Thrombosis and Haemostasis (ISTH) Congress show NXT007 achieved no bleeds requiring treatment in the highest dose groups in people with haemophilia A1</li>
<li>The NXT007 clinical development programme aims to normalise haemostasis and minimise treatment burden2,3
<ul>
<li>Three phase III clinical studies on NXT007, a next-generation bispecific antibody, set to begin in 20261</li>
</ul>
</li>
</ul>

Roche's NXT007 Shows No Treated Bleeds In Highest Dose Groups, Advancing Toward Phase III Trials For Haemophilia A

Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) stock experienced a steep decline of approximately 40% in premarket trading on Monday following a sobering safety update for its <a href="https://www.benzinga.com/general/health-care">Duchenne muscular dystrophy (DMD)</a> gene therapy, Elevidys.
<h2 class="wp-block-heading">What Happened</h2>
On Sunday, Sarepta provided a safety update regarding Elevidys (delandistrogene moxeparvovec-rokl), the only approved gene therapy for patients with Duchenne muscular dystrophy, and steps the company is taking to strengthen the safety profile in non-ambulatory patients.
These steps follow a second reported case of acute liver failure (ALF), <a target="_blank" href="https://www.benzinga.com/pressreleases/25/06/b45940036/sarepta-provides-safety-update-for-elevidys-and-initiates-steps-to-strengthen-safety-in-non-ambula" rel="noreferrer noopener">resulting in death</a>.
In March,&nbsp;Sarepta Therapeutics reported a patient death following treatment with Elevidys, having suffered <a target="_blank" href="https://www.benzinga.com/25/03/44376919/sarepta-therapeutics-reports-patient-death-post-elevidys-gene-therapy-treatment-stock-plunges" rel="noreferrer noopener">acute liver failure</a>.
The cases of ALF to date have both occurred in non-ambulatory (patients who cannot walk independently) individuals with Duchenne.
Sarepta and Roche Holdings AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RHHBY#OTC">RHHBY</a>) temporarily halted several <a target="_blank" href="https://www.benzinga.com/25/04/44634689/sareptaroche-suspend-elevidys-gene-therapy-trials-in-europe-after-patient-death" rel="noreferrer noopener">clinical studies in April</a>.
During its first-quarter earnings release, Sarepta revised its 2025 total net product revenues guidance to $2.3-$2.6 billion <a target="_blank" href="https://www.benzinga.com/25/05/45261806/sarepta-therapeutics-stock-sinks-on-gloomy-forecast-analysts-cut-price-forecasts" rel="noreferrer noopener">from $2.9-$3.1 billion</a>.
William Blair writes that the revised guidance primarily concerns delayed Elevidys turnaround times.
Also Read: <a href="https://www.benzinga.com/general/biotech/25/05/45393806/ten-year-data-from-roches-breast-cancer-trial-shows-perjeta-based-regimen-cuts-death-risk-by-17" target="_blank" rel="noreferrer noopener">Ten-Year Data From Roche&#8217;s Breast Cancer Trial Shows Perjeta-Based Regimen Cuts Death Risk By 17%</a>
<h2 class="wp-block-heading">Key Safety Initiatives</h2>
As part of a comprehensive review of safety data, Sarepta is taking proactive steps to mitigate the risk of acute liver failure in non-ambulatory patients.
A panel will evaluate data and assess the company&#8217;s proposed regimen, which includes sirolimus and is supported by preclinical data demonstrating the effectiveness of additional immunosuppression in moderating liver enzyme elevations, a key factor in mitigating potential safety events.
Sarepta will share the panel&#8217;s recommendations with the U.S. Food &amp; Drug Administration (FDA), and implementation of any new regimen will be subject to FDA guidance and allowance.
In the meantime, Sarepta is temporarily suspending shipments of Elevidys for non-ambulatory patients.
For ambulatory patients, no treatment <a target="_blank" href="https://www.roche.com/investors/updates/inv-update-2025-06-15" rel="noreferrer noopener">changes</a> are being proposed and the current practice of administering corticosteroids before and after Elevidys infusion and post-treatment monitoring remains the same.
Sarepta has voluntarily paused dosing in the ENVISION clinical study (also known as Study SRP-9001-303).
ENVISION is a global, randomized, double-blind, placebo-controlled trial evaluating Elevidys in older ambulatory and non-ambulatory Duchenne muscular dystrophy patients.
In the U.S., it serves as the confirmatory trial required under the FDA&#8217;s accelerated approval pathway for non-ambulatory patients.
Price Action: SRPT stock is trading lower by 42.0% to $21.00 during the premarket session at last check Monday.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/biotech/25/06/45797348/early-wins-regenxbios-gene-therapy-helps-duchenne-patients-walk-stronger-longer" target="_blank" rel="noreferrer noopener">Early Wins: RegenXBio&#8217;s Gene Therapy Helps Duchenne Patients Walk Stronger, Longer</a></li>
</ul>
Photo via Shutterstock

Sarepta Therapeutics Stock Plummets Over 40% On Second Fatal Case Linked To Its Gene Therapy

<ul>
<li>Results from Phase IIb PADOVA and longer term follow-up data suggest clinical benefit on top of symptomatic treatment in early-stage Parkinson's disease&nbsp;</li>
<li>Prasinezumab is a potential first-in-class anti-alpha-synuclein antibody, targeting a known biological driver of Parkinson's disease progression</li>
<li>Parkinson's disease affects over 10 million people globally and significant unmet need remainS</li>
</ul>

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