SweetBunFactory
Despite positive tidings, shares of Shattuck Labs (NASDAQ:STTK) and KalVista Pharmaceuticals (NASDAQ:KALV) closed lower Tuesday. Is this a buy-the-dip opportunity, considering both stocks have rallied >80% in the past year.
Shattuck Labs’ Strategic Deal
Shattuck Labs, a clinical-stage biotech, recently announced a groundbreaking worldwide drug discovery partnership with Japanese R&D company, Ono Pharmaceutical. This strategic move indicates the potential of collaborative breakthroughs in the pipeline. Shattuck will receive an upfront payment and become eligible for milestone payments totalling up to $227 million, in addition to tiered royalties based on global net sales.
KalVista Pharma’s Positive Phase 3 Results
Also, KalVista Pharmaceuticals regaled investors with its promising phase 3 study results of its oral on-demand therapy, sebetralstat, for treating Hereditary Angioedema (“HAE”). The therapy showcased a significantly faster onset of symptom relief compared to placebo, with a mere median time of 1.61 hours for sebetralstat versus 6.72 hours for placebo. This compelling data surely positions KalVista at the vanguard of HAE treatment innovation.
The company also indicated its plan to file a new drug application (“NDA”) to the FDA in H1-24 and seeks regulatory submissions in Europe and Japan later this year. If successful, sebetralstat could emerge as the first oral on-demand therapy for HAE, revolutionizing the treatment landscape for this rare genetic disease. Investors surely have much to look forward to as the company is scheduled to present its phase 3 data on February 25, 2024, at the annual meeting of the American Academy of Allergy Asthma and Immunology (“AAAAI”).
