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    Carvey Leung

    Research Analyst at Cantor Fitzgerald

    Carvey Leung is an Equity Research Associate specializing in healthcare and biopharmaceuticals at Cantor Fitzgerald, where he has provided research coverage on companies including Atossa Therapeutics, Ocuphire Pharma, and Aesthetic Medical International. His work on coverage teams has contributed to investment recommendations such as initiating Atossa Therapeutics with an Overweight rating, reflecting a focus on high-conviction stock ideas that can outperform sector peers. Leung began his financial analyst career at Cantor Fitzgerald in 2019 following experience as a management consultant at Infosys Consulting, and he served at Cantor Fitzgerald until 2025. He holds professional research credentials and operates under the compliance standards required of registered securities research associates in the industry.

    Carvey Leung's questions to Theratechnologies (THTX) leadership

    Carvey Leung's questions to Theratechnologies (THTX) leadership • Q3 2024

    Question

    Carvey Leung, on behalf of Louise Chen from Cantor Fitzgerald, asked about the strategy to ensure the sustainability of recent EBITDA and bottom-line performance, and how EGRIFTA sales growth might look in 2025 given the current supply situation.

    Answer

    CFO Philippe Dubuc responded that the company's cost structure is now rightsized, allowing future top-line growth to flow directly to the bottom line without significant new spending. Regarding 2025, Global Commercial Officer John Leasure and CEO Paul Lévesque clarified that while ex-factory sales will be impacted in Q4 2024, they anticipate a full recovery in Q1 2025. They expect an initial dip followed by large orders once supply is released, resulting in Q1 being 'basically a wash' overall.

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    Carvey Leung's questions to Theratechnologies (THTX) leadership • Q2 2024

    Question

    Carvey Leung, on behalf of Louise Chen of Cantor Fitzgerald, asked if the tesamorelin sBLA is still on track for potential approval this year given the four-month review period, and requested more details on the three additional PDCs, including their targets and potential indications.

    Answer

    President and CEO Paul Lévesque confirmed the company's goal is to receive approval for the tesamorelin F8 formulation before the end of the current fiscal year. SVP and Chief Medical Officer Dr. Christian Marsolais explained that the new PDCs also target the SORT1 receptor but use different payloads, such as exatecan, which have shown excellent preclinical results, including synergistic activity in combination. Mr. Lévesque added that the platform is versatile and the company is open to partnerships.

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    Carvey Leung's questions to Theratechnologies (THTX) leadership • Q2 2024

    Question

    Asked if the tesamorelin sBLA is on track for approval this year and requested more details about the targets and potential indications for the three additional PDCs under development.

    Answer

    The company's goal is to get the tesamorelin sBLA approved before the end of the current fiscal year. The additional PDCs all target the SORT1 receptor but use different payloads, such as exatecan, which is used in ADC technology and has shown excellent preclinical results. Combination studies of two PDCs have also shown synergistic activity, and the company is open to various partnerships to advance its versatile SORT1 platform.

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    Carvey Leung's questions to ONCOLYTICS BIOTECH (ONCY) leadership

    Carvey Leung's questions to ONCOLYTICS BIOTECH (ONCY) leadership • Q2 2024

    Question

    Carvey Leung of Cantor Fitzgerald inquired about the commercial opportunity for pelareorep (pela) in HR+/HER2- metastatic breast cancer and the anticipated design of the upcoming registration trial.

    Answer

    Christophe Degois, VP of Business Development, explained that while the market is evolving with new ADCs, a significant commercial opportunity remains for patients who fail or are ineligible for these therapies. Chief Medical Officer Dr. Tom Heineman added that the company plans a large Phase II registration-enabling study with progression-free survival (PFS) as the primary endpoint, targeting patients who have failed hormonal and ADC therapies, which could potentially lead to an accelerated approval.

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    Carvey Leung's questions to SCYNEXIS (SCYX) leadership

    Carvey Leung's questions to SCYNEXIS (SCYX) leadership • Q2 2022

    Question

    Carvey Leung inquired about the expanded market opportunity following the anticipated recurrent VVC approval, physician feedback nearly one year after the BREXAFEMME launch, and the targeted payer coverage level for the end of the year.

    Answer

    Chief Commercial Officer Christine Coyne explained that the new indication for recurrent VVC will provide the sales team with fresh data to re-engage physicians. She reported positive feedback on BREXAFEMME's ease of use, one-day dosing, and rapid symptom relief. Coyne stated that current coverage is at 109 million lives (about 60% of the commercial universe) with a target of 65% for 2023. President and CEO Dr. Marco Taglietti added that the high number of repeat prescribers is the most compelling positive feedback.

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    Carvey Leung's questions to SCYNEXIS (SCYX) leadership • Q4 2021

    Question

    Carvey Leung of Cantor Fitzgerald asked about SCYNEXIS's strategy for increasing BREXAFEMME's commercial insurance coverage beyond the current 48% of lives and inquired about the year-end goal. Leung also questioned the average number of scripts per healthcare provider (2.3 in Q4), how this compares to other antifungal launches, and the expected trajectory for script activity.

    Answer

    CEO Dr. Marco Taglietti noted the lack of recent comparable launches in the VVC space. Chief Commercial Officer Christine Coyne explained that the strategy to expand coverage involves continuing to present clinical data to payers who recognize the unmet need for a non-azole option. Coyne stated that the early script rate per prescriber is a positive indicator of trial and adoption, which is expected to grow as representatives continue to engage with physicians to change long-standing prescribing habits.

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    Carvey Leung's questions to VYNE Therapeutics (VYNE) leadership

    Carvey Leung's questions to VYNE Therapeutics (VYNE) leadership • Q3 2021

    Question

    Carvey Leung from Cantor Fitzgerald asked for a breakdown of product sales between AMZEEQ and ZILXI, guidance on how to interpret the upcoming Phase 2a data for FMX114, and whether the VYN201 mouse model had been tested against a JAK inhibitor for comparison.

    Answer

    Chief Financial Officer Tyler Zeronda stated that VYNE does not historically disclose the sales breakdown between AMZEEQ and ZILXI but suggested that publicly available script data could provide a directional sense of the proportion. Chief Scientific Officer Dr. Iain Stuart clarified that the primary endpoint for the FMX114 trial is the change in the Atopic Dermatitis Severity Index. He also confirmed that while a head-to-head mouse model comparison between VYN201 and a JAK inhibitor has not yet been conducted, it is something the company plans to do as it refines its indication strategy.

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    Carvey Leung's questions to VYNE Therapeutics (VYNE) leadership • Q2 2021

    Question

    Carvey Leung of Cantor Fitzgerald inquired about the competitive advantages of VYNE's new BET inhibitors for rare skin diseases, the key preclinical findings that supported the In4Derm licensing agreement, and the company's process for selecting which specific indications to pursue first.

    Answer

    Chief Scientific Officer Iain Stuart explained that the pan-BD BET inhibitor, VYN201, offers a broad anti-inflammatory effect suitable for catastrophic inflammatory conditions like pyoderma gangrenosum, where targeted therapies have had limited success. He noted that the oral BD2-selective inhibitor, VYN202, targets the primary pro-inflammatory pathway with a potentially better benefit-risk profile for major autoimmune diseases. CEO Dave Domzalski added that the strategy focuses on rare diseases with no indicated treatments, which represents a significant opportunity for patients and the company.

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    Carvey Leung's questions to VYNE Therapeutics (VYNE) leadership • Q1 2021

    Question

    Carvey Leung from Cantor Fitzgerald asked about the potential for sales seasonality for the remainder of 2021 as COVID-19 vaccination rates increase. She also inquired about how VYNE's acne franchise is positioned for the future given the evolution of the acne space with new technologies and pipeline treatments.

    Answer

    President and CEO Dave Domzalski anticipated a 'bolus of patients' returning to dermatology offices in the summer and fall, a seasonal trend that was absent last year due to the pandemic. Chief Commercial Officer Matt Wiley addressed the competitive landscape, stating that AMZEEQ is well-positioned due to its once-a-day formulation and the established efficacy of tetracyclines, even with new entrants like WINLEVI and Twyneo expected to enter the market.

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    Carvey Leung's questions to VYNE Therapeutics (VYNE) leadership • Q3 2020

    Question

    Carvey Leung inquired about VYNE's strategy for increasing payer coverage beyond the last major PBM, potential outcomes and costs for the FCD105 Phase 3 trial, and any development plans for serlopitant.

    Answer

    CEO David Domzalski stated that there is no direct investment in serlopitant but the company is open to partnerships. For FCD105, he outlined a potential 20-24 month, $30-40 million Phase 3 program pending FDA feedback, noting the team is aiming for a more efficient design. CCO Matthew Wiley added that after securing the last major PBM, the focus will shift to pull-through with custom health plans to increase coverage.

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