ESMO 2022 movers – KRAS backfires

Esmo promised to be a conference whose most important topic was Kras, and this is how it turned out. However, investors were left bemoaning Amgen’s move to push a Lumakras late-breaker into the meeting, an ultimately costly strategy that contributed to $12bn of value being wiped from their company’s market cap.

The jury is still out on how this affects Amgen’s rival Mirati, but there was better news for several small biotechs, Evaluate Vantage’s analysis of stock movers over the Esmo period finds. Relay and Deciphera have come out of Esmo as clear small-cap successes, and there were some big moves during the actual meeting, even if overall the losers outnumbered the winners.