TheStreet’s Adam Feuerstein Previews ASCO 2015

Episode Summary

Executive Summary: The episode previews ASCO 2015 with Adam Feuerstein, focusing on the flood of cancer data, the dominance of immunotherapy, competitive drug showdowns, and the commercial stakes for investors. It highlights checkpoint inhibitors, lung and breast cancer readouts, Celdex’s brain tumor vaccine, and the growing tension between scientific progress and drug pricing/value debates.

Main Topics: ASCO 2015 data overload and investor focus (Priority: 5/5): Feuerstein describes ASCO as increasingly complex and overwhelming, requiring selective attention as investors sift through thousands of abstracts for market-moving signals. Checkpoint inhibitors and immunotherapy expansion (Priority: 5/5): The discussion centers on PD-1/PD-L1 drugs such as Keytruda, Opdivo, Roche’s and AstraZeneca’s candidates, with expectations that the class will expand across multiple tumor types. Competitive drug battles in lung and breast cancer (Priority: 5/5): ASCO will feature head-to-head comparisons between Clovis and AstraZeneca in lung cancer, and Puma versus Oncothyreon plus Pfizer’s Ibrance in breast cancer, all with material valuation implications. Cell therapy expectations vs. reality at ASCO (Priority: 4/5): Investor enthusiasm for CAR-T names like Juno, Kite, and Bellicum has cooled; Feuerstein argues ASCO’s solid-tumor emphasis means few new data points will change the narrative for these blood-cancer-focused therapies. Celdex and the Rintiga brain tumor vaccine (Priority: 4/5): Final data from Celdex’s recurrent GBM vaccine study are expected to test whether earlier survival benefit findings hold up and whether the company can justify a regulatory filing. Cancer drug pricing and value pressure (Priority: 4/5): The podcast notes growing scrutiny from ASCO, insurers, and PBMs over oncology drug prices, with value-based pricing and indication-specific reimbursement increasingly part of the debate. ASCO as a stock-market event (Priority: 3/5): The conversation frames ASCO as a catalyst where stocks often run up before the meeting and sell off afterward, though outcomes depend on whether data exceed already-high expectations.

Key Arguments: ASCO has become too data-rich for any observer to track everything, so investors must prioritize the most commercially important abstracts and sessions. Checkpoint inhibitors are evolving from a melanoma story into a broad solid-tumor platform, potentially matching or exceeding Avastin’s multi-indication reach. The main challenge for PD-1/PD-L1 developers is differentiation, since early efficacy data across companies look similar; biomarkers may become a key separator. The Clovis-AstraZeneca lung cancer comparison matters because both aim to file at the FDA around the same time, making ASCO a practical head-to-head forum. Puma’s valuation reflects takeover expectations as much as clinical data, so Neratinib results must be strong enough to support its market cap. CAR-T therapies remain important, but ASCO is not the ideal venue for major new solid-tumor breakthroughs because most mature data are in hematologic cancers. Celdex’s Rintiga study is pivotal because sustained survival benefit could support regulatory discussions and potentially a filing. Pricing and access concerns are now integral to oncology, with payers increasingly considering value and indication-specific effectiveness in reimbursement decisions.

Data Points: Number of abstracts released: More than 5,000 - ASCO abstracts became available mid-month before the meeting. ASCO annual meeting dates: May 29 to June 2 - The meeting in Chicago is the central event being previewed. Puma market cap: About $6 billion - Used to contrast Puma’s valuation with Oncothyreon’s much smaller size. Oncothyreon market cap: About $300 million to $400 million - Illustrates the disparity in valuation versus Puma in HER2 breast cancer. Meeting time horizon in coverage experience: 15 years - Feuerstein describes himself as an ASCO veteran with long experience covering the meeting. Checkpoint inhibitor indication breadth reference: About six different indications - Avastin is cited as the benchmark for multi-indication oncology drugs. Event appearance of local beer scene: More than 60 microbreweries and nanobreweries - Mentioned in the closing lighthearted discussion about Chicago craft beer.

Pivotal Quotes: "You can't go to, let's say, to go to a Louvre and you're going to see every piece of art. And you can't do that at ASCO." — Adam Feuerstein: Explaining the overwhelming scale of ASCO’s abstract and data volume. "I think one thing you're going to kind of see out of this ASCO meeting is you're going to see sort of what's taking shape is the checkpoint inhibitors are going to eventually be approved in as many cancer indications as Avastin is, maybe even more." — Adam Feuerstein: On the expected long-term expansion of immunotherapy indications. "You know, ASCO is – you know, ASCO focuses mostly on solid tumors." — Adam Feuerstein: Discussing why CAR-T therapies may not generate major new headlines at this meeting.

Implications: ASCO 2015 is likely to move biotech stocks selectively rather than broadly: immunotherapy and a few late-stage readouts may matter most, while pricing pressure and valuation expectations could temper investor reactions.