PFE - Pyxis Oncology gains as Pfizer raises stake

2023-03-22 08:42:50 ET

• Pyxis Oncology ( NASDAQ: PYXS ) extended post-market gains on Wednesday, adding ~4% in early trading as Pfizer ( PFE ) raised its ownership in the cancer-focused biotech by more than a third ahead of its Q4 2022 financials.
• According to an SEC filing on Tuesday, the pharma giant has purchased ~1.8M PYXS shares for nearly $5M last week at $2.76 apiece, increasing its ownership in Pyxis ( PYXS ) by 35% to ~6.0M shares.
• In 2021, Pyxis ( PYXS ) inked a licensing agreement to develop antibody-drug conjugates using Pfizer’s ( PFE ) technology.
• The disclosure came ahead of Pyxis’ ( PYXS ) Q4 2022 results which indicated $180.7M in cash in its balance sheet, which it said supports operations into H1 2025.
• On upcoming milestones, the company said that early Phase 1 data for ADC candidate PYX-201 and immunotherapy candidate PYX-106 are expected from late-2023 to early-2024.

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