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    Ashiq Mubarack

    Research Analyst at Citigroup Inc.

    Ashiq Mubarack is Vice President and Biotechnology Equity Research Analyst at Citigroup, specializing in equity research with deep expertise in biotechnology companies. He covers firms such as Mersana Therapeutics and Alpha Tau Medical, issuing impactful stock ratings and price targets; his calls have generated significant performance outcomes including a noted 1,279% return on Mersana Therapeutics. Ashiq began his career after earning an Economics degree from the University of California, Davis, and has held research and strategy roles at Wedbush Securities and William Blair before joining Citigroup. He is recognized for his analytical acumen, holds applicable securities registrations, and is known for leading projects and teams within high-stakes environments in the biotech sector.

    Ashiq Mubarack's questions to Mersana Therapeutics (MRSN) leadership

    Ashiq Mubarack's questions to Mersana Therapeutics (MRSN) leadership • Q3 2024

    Question

    Ashiq Mubarack from Citi questioned whether XMT-1660's effect would differ based on prior use of Enhertu versus Trodelvy and asked about the long-term development plans for gynecological tumors.

    Answer

    CEO Martin Huber stated they do not expect a difference, as resistance is payload-related (TOPO1 inhibition), and their payload is not a substrate for Pgp efflux pumps, a common resistance mechanism. Chief Development Officer Mohan Bala added that there is a significant unmet need in both endometrial cancer post-chemo/checkpoint inhibitors and in platinum-sensitive ovarian cancer, confirming these remain areas of strategic interest for development.

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    Ashiq Mubarack's questions to Syndax Pharmaceuticals (SNDX) leadership

    Ashiq Mubarack's questions to Syndax Pharmaceuticals (SNDX) leadership • Q3 2024

    Question

    Ashiq Mubarack from Citigroup Inc. asked about the differing maintenance therapy rates between the AUGMENT-101 and SAVE trials and questioned the rationale for focusing the frontline trial's primary endpoint solely on the NPM1 population.

    Answer

    CEO Michael Metzger and President Dr. Neil Gallagher explained that maintenance use is at physician discretion. Dr. Gallagher clarified the frontline trial is powered for NPM1 because that mutation is far more prevalent in the target older patient population, whereas KMT2A is more common in younger patients.

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    Ashiq Mubarack's questions to MACROGENICS (MGNX) leadership

    Ashiq Mubarack's questions to MACROGENICS (MGNX) leadership • Q1 2024

    Question

    Asked about the Grade 5 pneumonitis events, including whether they were surprising, if B7-H3 is expressed in the lungs, and if steroid prophylaxis is being considered. Also inquired about the criteria for selecting the Phase III dose given the differing efficacy and safety profiles of the two doses.

    Answer

    The executive stated the pneumonitis cases are still under investigation and that it has not been a previously observed signal. He noted B7-H3 is not normally expressed in the lung. The final Phase III dose will be selected based on upcoming rPFS and disease control rate data, with both current doses considered viable options.

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    Ashiq Mubarack's questions to MACROGENICS (MGNX) leadership • Q1 2024

    Question

    Ashiq Mubarack from Citigroup Inc. inquired about the Grade 5 pneumonitis events, B7-H3 expression in the lungs, and the potential for steroid prophylaxis. He also asked about the strategy for selecting the Phase III dose for vobra duo.

    Answer

    Dr. Scott Koenig, President and CEO, responded that the pneumonitis cases are still under investigation as this signal had not been previously observed. He noted B7-H3 is not normally expressed in the lung. Regarding the Phase III dose, he stated that both the 2.0 mg/kg and 2.7 mg/kg doses are being considered, with the final decision dependent on upcoming radiographic progression-free survival (rPFS) data.

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    Ashiq Mubarack's questions to Innate Pharma (IPHA) leadership

    Ashiq Mubarack's questions to Innate Pharma (IPHA) leadership • Q2 2023

    Question

    The analyst asked about the rationale and differentiation strategy for the Nectin-4 ADC, including potential target indications, and also inquired about the target tumor types for the IPH65 CD20 ANKET program.

    Answer

    The company explained that their Nectin-4 ADC aims to be a best-in-class molecule for a validated target with potential in various tumor types beyond current treatments. For the IPH65 CD20 ANKET, they chose a well-known target (CD20) to validate their new technology in patient populations with high unmet needs, with future development depending on initial data.

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    Ashiq Mubarack's questions to Rain Enhancement Technologies Holdco (RAIN) leadership

    Ashiq Mubarack's questions to Rain Enhancement Technologies Holdco (RAIN) leadership • Q2 2023

    Question

    Ashiq Mubarack of Citigroup inquired about the future plans for the milademetan and RAD52 programs, and also asked for clarification on the components of the company's cash runway guidance.

    Answer

    CEO Avanish Vellanki confirmed that there are no current plans or capital allocation for either the milademetan or RAD52 programs. He explained the cash runway guidance reflects the closure of existing studies and maintaining a lean organization. Acting SVP, Finance Nelson Cabatuan added that the runway through year-end 2026 excludes any potential corporate transactions or financing and that a significant reduction in cash burn would be seen in the second half of 2023.

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