NVAX - 3 Stocks Expecting Good News From the FDA
Good news from the Food and Drug Administration (FDA) can send biotech stocks into the stratosphere. And bad news can bring their share prices crashing down. Our Foolish trio is optimistic about Mirati Therapeutics (NASDAQ: MRTX) , Novavax (NASDAQ: NVAX) and Heron Therapeutics (NASDAQ: HRTX) .
Patrick Bafuma (Mirati Therapeutics): One company that has to be champing at the bit to get FDA approval is Mirati Therapeutics, with its lead drug adagrasib. The biotech is seeking approval as a second-line treatment for non-small cell lung cancer (NSCLC) with a specific mutation within the KRAS gene. That mutation is present in approximately 14% of NSCLC patients. And with around 235,000 newly diagnosed NSCLC patients in the U.S. each year and 2.2 million worldwide, that treatment opportunity alone is huge.
The FDA will make a decision on adagrasib by Dec. 14, but with each day that goes by, Amgen (NASDAQ: AMGN) gets a chance to extend its lead. The $130 billion pharma crossed the finish line on May 28, 2021, for Lumakras, its drug with a mechanism of action similar to adagrasib. Since its approval, Lumakras has racked up sales of $236 million worldwide, as the oncology community has welcomed this type of drug into clinical practice.
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3 Stocks Expecting Good News From the FDA