Mizuho analyst Peter Lawson expects to see volatility in the chimeric antigen receptors T cell space after a University of Pennsylvania abstract with data from a mesothelin-targeting CAR therapy in pancreatic cancer "had very early but underwhelming efficacy data." The abstract was presented at this year's American Society of Clinical Oncology meeting. Solid tumor efficacy needs to be established in order to support CAR valuations long term, Lawson told investors in a research note. In the space, the analyst has a Buy rating on Kite Pharma (KITE) and Neutral ratings on Ziopharm (ZIOP) and Intrexon (XON). Juno Therapeutics (JUNO), Bellicum Pharmaceuticals (BLCM) and Cellectis (CLLS) are not rated at the firm. In other ASCO news, Lawson said AstraZeneca (AZN) offered no new data to hurt shares of Clovis (CLVS) while OncoMed (OMED) data is "building and remains under the radar."

Consensus $4.56. Backs FY24 revenue view up low double-digit to low teens percentage, consensus $50.95B. Sees FY24 core tax rate 18%-22%.