Pyxis Oncology Appoints Thomas Civik as Interim CEO
Pyxis Oncology announced a leadership transition. Thomas Civik, a member of Pyxis Oncology's Board of Directors since the company's IPO and a biotechnology executive, has been appointed Interim CEO, effective immediately. Lara Sullivan has stepped down from her roles as President, CEO and CMO. The company's established clinical development leadership team will continue to execute ongoing trials and operational priorities without interruption. In parallel, the Board of Directors has initiated a structured search for a permanent CEO. Civik most recently served as President and CEO of Five Prime Therapeutics, where he led the company through its acquisition by Amgen for $1.9B in April 2021. Prior to Five Prime Therapeutics, he was Chief Commercial Officer at Foundation Medicine. He most recently served as Chairperson of the Board of ImCheck Therapeutics and Repare Therapeutics. Earlier in his career, Civik spent 17 years at Genentech.
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Oncolytics Biotech Advances Immunotherapy for Accelerated Approval in Oncology
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- Duration of Response: The median duration of response reached approximately 17 months, far exceeding the standard treatment's 9.5 months, showcasing pelareorep's durable efficacy in heavily pretreated patients and addressing a critical unmet medical need.
- FDA Interaction Plan: Oncolytics plans to hold a Type C meeting with the FDA in Q1 2026 to discuss its registration-directed clinical study plan for second-line and later SCAC, with the potential for accelerated approval if data meets expectations.
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Financial Update: Pyxis completed a sale of rights for $11 million to support MICVO development, but concerns over cash reserves and data interpretability led to a significant drop in share price, with analysts expressing caution regarding the trial's small sample size and tolerability issues.
Market Reaction: Following the data release, Pyxis shares fell approximately 49%, reflecting investor concerns about the limited interpretability of the results and the company's financial outlook, despite a slight recovery in premarket trading.
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Equities Movement: Athira Pharma's shares surged 88% following an acquisition announcement, while Mega Fortune Co Ltd and Pyxis Oncology saw significant declines of 59% and 54%, respectively.
Economic Indicators: The Philadelphia Fed Manufacturing Index fell sharply, initial jobless claims decreased, and the annual inflation rate dropped to 2.7%, the lowest since July.
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- Clinical Data Breakthrough: Oncolytics Biotech's pelareorep demonstrated a 29% objective response rate in GOBLET Cohort 4, significantly surpassing the historical benchmark of 10%, indicating substantial clinical value in third-line anal cancer patients with no FDA-approved treatment options.
- Duration of Response: The median duration of response reached approximately 17 months, far exceeding the standard treatment's 9.5 months, showcasing pelareorep's durable efficacy in heavily pretreated patients and addressing a critical unmet medical need.
- FDA Interaction Plan: Oncolytics plans to hold a Type C meeting with the FDA in Q1 2026 to discuss its registration-directed clinical study plan for second-line and later SCAC, with the potential for accelerated approval if data meets expectations.
- Strategic Investment and Expansion: The company is enhancing its expertise in gastrointestinal oncology through the expansion of its Scientific Advisory Board, further validating its Phase 3 study design for first-line metastatic pancreatic cancer, demonstrating its strategic positioning in the oncology immunotherapy landscape.
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- Future Outlook: Globus Medical set its 2026 revenue guidance between $3.18 billion and $3.22 billion, with projected non-GAAP earnings per share ranging from $4.30 to $4.40, indicating confidence in future performance that may attract more investor interest.
- Industry Developments: Acrivon Therapeutics, Inc. plans to release clinical data updates for ACR-368 and ACR-2316 on January 8, 2026, resulting in a 6.44% stock increase to $3.14, reflecting market optimism regarding its R&D progress, which could influence future financing and partnership opportunities.
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Preliminary Data Release: Pyxis Oncology announced preliminary results from Phase 1 studies of micvotabart pelidotin (MICVO) for recurrent/metastatic head and neck squamous cell carcinoma, showing a 46% overall response rate in monotherapy and 71% in combination with Keytruda, with high disease control rates.
Future Plans: The company plans to present updated data from both studies in mid and late 2026 and is evaluating the path forward for pivotal studies of MICVO as both a monotherapy and in combination with pembrolizumab.
Financial Update: Pyxis completed a sale of rights for $11 million to support MICVO development, but concerns over cash reserves and data interpretability led to a significant drop in share price, with analysts expressing caution regarding the trial's small sample size and tolerability issues.
Market Reaction: Following the data release, Pyxis shares fell approximately 49%, reflecting investor concerns about the limited interpretability of the results and the company's financial outlook, despite a slight recovery in premarket trading.
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Analyst Upgrades: Truist Securities raised price targets for NXP Semiconductors and Tesla, maintaining a Buy and Hold rating respectively, while Wells Fargo upgraded Generac Holdings from Equal-Weight to Overweight.
Analyst Downgrades: Barclays downgraded Agco Corp from Equal-Weight to Underweight, cutting its price target significantly, while JP Morgan downgraded Lockheed Martin from Overweight to Neutral despite raising its price target.
Other Price Target Changes: Bernstein increased Caterpillar's price target while maintaining a Market Perform rating, and Piper Sandler raised Assurant's target with an Overweight rating.
Nike's Price Target Cut: Telsey Advisory Group reduced Nike's price target from $75 to $72, keeping a Market Perform rating as the stock closed lower.
Nasdaq Rises More Than 200 Points as US Inflation Decreases to 2.7%
U.S. Stock Market Performance: U.S. stocks saw gains, with the Nasdaq Composite rising over 200 points, while the Dow and S&P 500 also experienced increases. Consumer discretionary shares rose by 2%, but energy stocks fell by 0.5%.
Inflation and Economic Indicators: U.S. inflation cooled to 2.7% in November, below expectations, boosting investor confidence in the Federal Reserve's easing cycle. Initial jobless claims decreased to 224,000, and the Philadelphia Fed Manufacturing Index fell significantly.
Notable Stock Movements: Athira Pharma's shares surged 84% after a development agreement, while Trump Media & Technology Group and FuelCell Energy also saw significant gains. Conversely, Insmed Inc and Pyxis Oncology experienced sharp declines in their stock prices.
Global Market Trends: European shares rose, with the eurozone's STOXX 600 gaining 0.56%, while Asian markets closed mixed, with Japan's Nikkei falling and China's Shanghai Composite rising slightly.
Dow Rises 400 Points as Accenture Reports Stronger-Than-Expected Earnings
U.S. Stock Market Performance: U.S. stocks rose significantly, with the Dow Jones gaining approximately 400 points, while the NASDAQ and S&P 500 also saw notable increases.
Accenture's Strong Earnings: Accenture reported better-than-expected first-quarter results for 2026, with earnings of $3.94 per share and sales of $18.7 billion, surpassing analyst estimates.
Equities Movement: Athira Pharma's shares surged 88% following an acquisition announcement, while Mega Fortune Co Ltd and Pyxis Oncology saw significant declines of 59% and 54%, respectively.
Economic Indicators: The Philadelphia Fed Manufacturing Index fell sharply, initial jobless claims decreased, and the annual inflation rate dropped to 2.7%, the lowest since July.
