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    Debjit Chattopadhyay

    Managing Director and Senior Biotech Analyst at Guggenheim Securities

    Debjit Chattopadhyay is a Managing Director and Senior Biotech Analyst at Guggenheim Securities, specializing in healthcare equity research with a focus on gene therapy and rare diseases. He covers leading biotechnology and pharmaceutical companies such as Intellia Therapeutics, Soleno Therapeutics, BioMarin Pharmaceutical, Vertex Pharmaceuticals, and Ultragenyx Pharmaceutical, and has delivered high-performing calls—most notably a +800% return on Mersana Therapeutics. Chattopadhyay began his equity research career at firms including ROTH Capital Partners, Emerging Growth Equities, Boenning and Scattergood, Janney Montgomery Scott, and H.C. Wainwright, before joining Guggenheim in December 2020. Holding a Ph.D. from the University of Connecticut, an MBA from Drexel University, and completing a research fellowship at Memorial Sloan Kettering Cancer Center, he is also registered with FINRA and maintains key securities licenses.

    Debjit Chattopadhyay's questions to Krystal Biotech (KRYS) leadership

    Debjit Chattopadhyay's questions to Krystal Biotech (KRYS) leadership • Q2 2025

    Question

    Debjit Chattopadhyay of Guggenheim Partners requested a breakdown of the 82% compliance rate, asked how utilization has evolved between recessive and dominant patients, and inquired about TPS scores for the NSCLC combo trial.

    Answer

    Chairman & CEO Krish Krishnan stated compliance is consistently in the 76-84% range and that variability is driven by moderate-to-mild patients, while recessive patients are more consistent. President of R&D Suma Krishnan said the NSCLC trial is agnostic to TPS scores but will stratify the analysis by PD-L1 expression.

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    Debjit Chattopadhyay's questions to Krystal Biotech (KRYS) leadership • Q1 2025

    Question

    Debjit Chattopadhyay asked for elaboration on the DOJ subpoena, clarification on the compliance rate calculation, and whether to expect lower initial compliance from milder patients in community settings.

    Answer

    Krish Krishnan, Chairman and CEO, stated the company is cooperating with the DOJ but offered no further comment on the subpoena. Jennifer McDonough, SVP of Patient Access, confirmed the compliance calculation includes any missed doses. Krish Krishnan explained that initial compliance is high for all patients, but milder patients may pause sooner and for longer periods after their wounds heal, which is a key differentiator from more severe patients over time.

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    Debjit Chattopadhyay's questions to Krystal Biotech (KRYS) leadership • Q3 2024

    Question

    Debjit Chattopadhyay asked for an outlook on Q4 performance, considering the impact of patients nearing reimbursement caps and holiday seasonality. He also questioned why the company would not provide 2025 guidance for the U.S. market specifically, given the available trend data.

    Answer

    Chairman and CEO Krish Krishnan clarified that his comments on holiday disruption were meant to manage expectations, not to signal a flattening of growth, and that the company remains on track for its two-year target. Regarding 2025 guidance, he acknowledged the validity of guiding for the U.S. separately and said the company would consider it for the Q4 report, noting it would be supplemented by potential ex-U.S. revenues.

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    Debjit Chattopadhyay's questions to uniQure (QURE) leadership

    Debjit Chattopadhyay's questions to uniQure (QURE) leadership • Q2 2025

    Question

    Debjit Chattopadhyay of Guggenheim Partners asked if the FDA has a minimum threshold for clinical benefit for AMT-130 and questioned the certainty of the FDA's feedback given recent regulatory events in the gene therapy space.

    Answer

    Chief Medical Officer Walid Abi-Saab confirmed that the FDA has not requested a minimum clinical effect threshold. CEO Matt Kapusta expressed high confidence in their regulatory path, stating they have 'clear and unambiguous feedback' and that their BLA will be supported by long-term clinical outcomes data, not a surrogate biomarker, which meaningfully differentiates their situation.

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    Debjit Chattopadhyay's questions to uniQure (QURE) leadership • Q1 2025

    Question

    Debjit Chattopadhyay inquired about uniQure's confidence in the 3-year follow-up data on cUHDRS for AMT-130 and asked if the Q3 update would include propensity match scoring based on the agreed-upon statistical analysis plan (SAP).

    Answer

    CMO Dr. Walid Abi-Saab expressed high confidence that the dose-dependent reduction in cUHDRS observed at two years will be maintained at the three-year mark, citing no indications of efficacy loss. He also confirmed the plan is to finalize the SAP with the FDA, lock the database, and then share top-line results, which will be based on the analysis agreed upon with the agency.

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    Debjit Chattopadhyay's questions to SOLENO THERAPEUTICS (SLNO) leadership

    Debjit Chattopadhyay's questions to SOLENO THERAPEUTICS (SLNO) leadership • Q1 2025

    Question

    Debjit Chattopadhyay asked what percentage of former Phase III trial patients are reflected in the current start forms and questioned the duration of the free drug program before patients transition to reimbursed therapy.

    Answer

    CCO Meredith Manning confirmed that the majority of the 60 U.S. patients from the pivotal study have submitted start forms. She explained that a bridge program exists for these patients and a 'quick start' program can provide a 28-day supply if reimbursement is delayed, noting payer policies can take six months or more to finalize.

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    Debjit Chattopadhyay's questions to SOLENO THERAPEUTICS (SLNO) leadership • Q1 2025

    Question

    Debjit Chattopadhyay asked what percentage of the original Phase III trial patients are represented in the current start forms and questioned the duration of free drug supply before patients transition to reimbursed therapy.

    Answer

    CCO Meredith Manning confirmed that the majority of the 60 U.S. patients from the randomized withdrawal portion of the trial have submitted start forms. She explained that patients may receive free drug through a bridge program or a 28-day 'quick start' prescription if facing reimbursement delays, as payer policies can take six months or more to establish.

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    Debjit Chattopadhyay's questions to Sarepta Therapeutics (SRPT) leadership

    Debjit Chattopadhyay's questions to Sarepta Therapeutics (SRPT) leadership • Q1 2025

    Question

    Debjit Chattopadhyay asked if the FDA's OTP has a specific protein expression threshold for the LGMD program and requested quantification of the number of non-ambulant boys treated with commercial ELEVIDYS.

    Answer

    President and CEO Douglas Ingram stated they are not providing a specific breakdown of commercial non-ambulant patients treated. Head of R&D Dr. Louise Rodino-Klapac noted that based on preclinical data and prior trial results of around 50% expression, they anticipate the EMERGENE results will be well above any threshold of relevance for functional benefit. Executive Ian Estepan added that start forms are roughly 40% non-ambulatory.

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    Debjit Chattopadhyay's questions to IONIS PHARMACEUTICALS (IONS) leadership

    Debjit Chattopadhyay's questions to IONIS PHARMACEUTICALS (IONS) leadership • Q1 2025

    Question

    Debjit Chattopadhyay questioned the team's confidence in the estimated 3,000-patient FCS market and asked how quickly these patients could be converted before potential price erosion from the future sHTG launch.

    Answer

    Chief Commercial Officer Jonathan Birchall expressed confidence in the FCS patient estimate, noting that awareness and identification efforts are accelerating uptake. Chief Global Product Strategy Officer Kyle Jenne explained that TRYNGOLZA was priced for the rare FCS indication. The sHTG indication, with a much larger population, will have a separate pricing strategy determined after data readout. CEO Brett Monia added that Ionis expects to commercialize for FCS for 1.5 to 2 years before the sHTG launch.

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    Debjit Chattopadhyay's questions to Beam Therapeutics (BEAM) leadership

    Debjit Chattopadhyay's questions to Beam Therapeutics (BEAM) leadership • Q3 2024

    Question

    A representative for Debjit Chattopadhyay of Guggenheim Securities asked about the human translational expectations from the non-human primate (NHP) ESCAPE data and whether the positive BEAM-101 clinical data bolsters confidence in ESCAPE's potential.

    Answer

    President Dr. Giuseppe Ciaramella expressed high confidence, stating they expect 'equivalent, if not better performance in human' from the ESCAPE program. This confidence is driven by the cross-reactivity of the antibody and the guide RNA sequence between NHPs and humans. He affirmed that the NHP data provides 'tremendous confidence' to advance into clinical studies.

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    Debjit Chattopadhyay's questions to Beam Therapeutics (BEAM) leadership • Q3 2024

    Question

    An associate for Debjit Chattopadhyay of Guggenheim Securities asked about the human translational expectations from the non-human primate (NHP) data for ESCAPE and whether the positive BEAM-101 clinical data bolsters confidence in ESCAPE's potential performance.

    Answer

    President Dr. Giuseppe Ciaramella stated that they expect equivalent, if not better, performance in humans compared to the NHP data, citing the cross-reactivity of the guide RNA and antibody. He affirmed that the NHP results provide tremendous confidence for moving into clinical studies.

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    Debjit Chattopadhyay's questions to Beam Therapeutics (BEAM) leadership • Q3 2024

    Question

    An analyst on behalf of Debjit Chattopadhyay of Guggenheim Securities asked about the human translational expectations from the NHP ESCAPE data and whether the BEAM-101 clinical data bolsters confidence in ESCAPE's potential.

    Answer

    President Dr. Giuseppe Ciaramella stated they expect 'equivalent, if not better performance in human' from ESCAPE. He cited the cross-reactive nature of the antibody and the guide RNA sequence as reasons for high confidence in translation from NHP to human studies, affirming the NHP data provides 'tremendous confidence' for clinical advancement.

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    Debjit Chattopadhyay's questions to VERTEX PHARMACEUTICALS INC / MA (VRTX) leadership

    Debjit Chattopadhyay's questions to VERTEX PHARMACEUTICALS INC / MA (VRTX) leadership • Q3 2024

    Question

    Debjit Chattopadhyay of Guggenheim Partners asked about the inaxaplin program, seeking guidance on enrollment completion timing and the potential market size, considering historically low compliance rates for existing renal therapies.

    Answer

    CEO Dr. Reshma Kewalramani did not provide guidance on enrollment completion. COO Stuart Arbuckle sized the market at approximately 100,000 patients in the U.S. and Europe, acknowledging that many are undiagnosed. He framed inaxaplin as a multi-billion dollar opportunity that will require significant investment in disease awareness and genotyping.

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    Debjit Chattopadhyay's questions to HOOKIPA Pharma (HOOK) leadership

    Debjit Chattopadhyay's questions to HOOKIPA Pharma (HOOK) leadership • Q4 2019

    Question

    Speaking on behalf of Debjit Chattopadhyay from H.C. Wainwright & Co., an analyst asked about protocol amendments for COVID-19 screening, target levels for CD8 T cell proliferation for HB-201, and the known correlation between peripheral CD8 T cell expansion and tumor localization.

    Answer

    CMO Igor Matushansky explained that specific protocol amendments for COVID-19 are unnecessary as hospitals have their own robust screening guidelines. He stated that based on other studies, a single-digit (5-10%) peripheral CD8 response would be a strong signal of efficacy. He also noted that while a positive correlation exists between peripheral and tumor-infiltrating T cells, a standard quantitative correlation has not been established.

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    Debjit Chattopadhyay's questions to Boundless Bio (BOLD) leadership

    Debjit Chattopadhyay's questions to Boundless Bio (BOLD) leadership • Q2 2019

    Question

    Debjit Chattopadhyay of H.C. Wainwright asked for an update on the XLMTM commercial opportunity and potential label, and inquired about the regulatory path for the AT702 DMD program based on preclinical data.

    Answer

    Chairman and CEO Matt Patterson reiterated the previously stated commercial opportunity for XLMTM and noted the company is considering ways to collect data in older patients to support broad payer access. For the AT702 program, he highlighted strong preclinical data but stated the regulatory approval pathway for Duchenne gene therapies remains fluid.

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    Debjit Chattopadhyay's questions to Boundless Bio (BOLD) leadership • Q1 2019

    Question

    Debjit Chattopadhyay from H.C. Wainwright & Co. asked about the Pompe program's strategy, questioning if high liver-specific expression was intended to overcome anti-GAA antibodies in older patients.

    Answer

    Matt Patterson, Chairman and CEO, corrected the premise, clarifying that the current AT845 construct is not focused on liver-directed expression. The company's strategy is systemic administration to express GAA directly in affected muscle and neuronal tissues. He noted that a previous construct with a liver enhancer element had safety issues. The company is not significantly concerned about pre-existing antibodies in ERT-experienced patients and expects to begin trials in older Pompe patients.

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