H.C. Wainwright analyst Joseph Pantginis called Harpoon Therapeutics' (HARP) two-part deal with AbbVie (ABBV) "early, but impressive," noting that the first part provides AbbVie with an option to license worldwide rights to HPN217 and the second expands their existing collaboration to include up to six additional targets. Pantginis does not have a rating on Harpoon shares, though he maintains a Buy rating on Arix Bioscience, which counts Harpoon among its portfolio companies. On Arix, he reiterates his Buy rating and 314 pence price target, stating that he continues to see a significant disconnect between the share price and the company's net asset value for its 14 portfolio companies.

AbbVie announced positive top-line results from SELECT-GCA, a Phase 3, multicenter, randomized, double-blind, placebo-controlled study, showing upadacitinib in combination with a 26-week steroid taper regimen achieved its primary endpoint of sustained remissiona from week 12 through week 52 in adults with giant cell arteritis. In this study, 46% of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained remission compared to 29 percent of patients receiving placebo in combination with a 52-week steroid taper regimen. Key secondary endpoints were also met, including a higher percentage of patients receiving upadacitinib 15 mg in combination with a 26-week steroid taper regimen achieved sustained complete remissionb from week 12 through week 52 compared to patients receiving placebo in combination with a 52-week steroid taper regimen. A lower percentage of patients experienced at least one disease flare through week 52 in the upadacitinib 15 mg group versus the placebo group. The study results also showed that upadacitinib 7.5 mg did not meet the primary or any of the secondary endpoints.