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    Divya Rao

    Research Analyst at TD Cowen

    Divya Rao is Vice President and Equity Analyst at TD Cowen, specializing in biotech sector research, where she covers a range of publicly traded biotechnology companies with a demonstrated track record of research excellence. Her career spans over 13 years, with prior analyst roles at Catalio Capital and research positions at TD Cowen before her recent promotion in early 2024. Rao holds a Bachelor of Science from North Carolina State University, a Ph.D. from The Johns Hopkins University, and is FINRA-registered through TD Securities (USA) LLC. She is recognized for her meticulous equity research and sector-specific expertise in healthcare and advanced biotech.

    Divya Rao's questions to AGIOS PHARMACEUTICALS (AGIO) leadership

    Divya Rao's questions to AGIOS PHARMACEUTICALS (AGIO) leadership •

    Question

    Divya Rao of TD Cowen asked about the planned timing and design for pediatric trials in thalassemia and questioned what constitutes the bar for success for the Phase IIb study of tebapivat in MDS, given the initial 5mg dose showed a modest signal.

    Answer

    CMO Dr. Sarah Gheuens indicated the pediatric thalassemia trial approach would be similar to the one in PK deficiency, with timing to be detailed later. For tebapivat in MDS, she explained the Phase IIb is testing higher doses (10, 15, 20mg) and the primary endpoint is transfusion independence for at least 8 consecutive weeks, a clinically meaningful bar set after advisory feedback.

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    Divya Rao's questions to AGIOS PHARMACEUTICALS (AGIO) leadership • Q1 2025

    Question

    Divya Rao of TD Cowen inquired about the FDA review process for PYRUKYND, asking if communication frequency had changed amid agency reshuffling and if there is a firm deadline for the FDA to announce a potential advisory committee meeting.

    Answer

    CMO Dr. Sarah Gheuens responded that communication with the FDA remains normal and consistent, with a standard back-and-forth process. She clarified that while the FDA can always request an advisory committee during a review, the agency has informed Agios that none is planned at this time. CEO Brian Goff added that the strength of the Phase III data in a high-unmet-need area likely contributes to the smooth progression of the review.

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    Divya Rao's questions to AGIOS PHARMACEUTICALS (AGIO) leadership • Q4 2024

    Question

    Divya Rao from TD Cowen asked about any modifications to the sickle cell disease trial protocol following the liver toxicity disclosure and questioned the long-term development path for tevapivat in sickle cell, including whether it is intended for pivotal development.

    Answer

    Chief Medical Officer Dr. Sarah Gheuens clarified that liver enzyme monitoring was already standard in the trial's core period, and the open-label extension was simply aligned to that frequency. Regarding tevapivat, Chief Financial Officer Cecilia Jones stated that Agios aims to build a sickle cell franchise with both PYRUKYND and tevapivat, with final positioning to be determined by clinical data and the competitive landscape. CEO Brian Goff added that more trial design details would be shared mid-year.

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    Divya Rao's questions to VERTEX PHARMACEUTICALS INC / MA (VRTX) leadership

    Divya Rao's questions to VERTEX PHARMACEUTICALS INC / MA (VRTX) leadership • Q2 2025

    Question

    Divya Rao of Cowen and Company asked about the process for patients obtaining free Gernavix samples and requested a breakdown of Gernavix prescriptions between retail and hospital settings, as well as the types of physicians prescribing it.

    Answer

    EVP and CCO Duncan McKechnie clarified that physicians provide free samples directly to patients, so they do not appear in retail data. He stated that approximately 65% of prescriptions are retail, with the remainder in hospitals. Prescribers are broad, including general, plastic, and orthopedic surgeons, dentists, and anesthesiologists.

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    Divya Rao's questions to Apellis Pharmaceuticals (APLS) leadership

    Divya Rao's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Divya Rao from TD Cowen asked if the competitor's label expansion has impacted Cyfovri prescribing patterns and what specific launch metrics can be expected for Empaveli in C3G over the next few quarters.

    Answer

    CEO Cedric Francois stated the competitor's CRL highlighted limitations in their label, which physicians noted. CMO Dr. Caroline Baumal added that Cyfovri's flexible dosing and robust data support its use. For Empaveli, EVP David Acheson said initial metrics will focus on transitioning EAP patients, tracking start forms, and REMS enrollments, with patient-on-product numbers to follow over time.

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    Divya Rao's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Divya Rao of TD Cowen asked if the competitor's label expansion in February has impacted Cyfovri prescribing patterns. She also inquired about the specific launch metrics that will be provided for Empaveli in C3G and primary ICMPGN over the next few quarters.

    Answer

    CEO Dr. Cedric Francois opined that the competitor's prior CRL and subsequent label update highlighted limitations, from which they have not recovered. EVP David Acheson stated that for the Empaveli launch, Apellis will initially report on the transition of EAP patients, new patient start forms, and REMS enrollments, with plans to report patients on product over time.

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    Divya Rao's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Divya Rao from TD Cowen asked if the competitor's label expansion has impacted Cyfovri prescribing patterns and what specific launch metrics can be expected for Empaveli in C3G and iCMPGN.

    Answer

    CEO Dr. Cedric Francois stated the competitor's label update highlighted its limitations and they have not recovered. EVP of Commercial David Acheson said initial Empaveli launch metrics will include EAP patient transitions, start forms, and REMS enrollments, with a plan to report patients on product over time.

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    Divya Rao's questions to Apellis Pharmaceuticals (APLS) leadership • Q2 2025

    Question

    Divya Rao from TD Cowen inquired if the competitor's label expansion has impacted Cyfovri prescribing patterns and asked what specific launch metrics can be expected for Empaveli in C3G and IC-MPGN.

    Answer

    CEO Dr. Cedric Francois noted the competitor's label update highlighted its limitations. For the Empaveli launch, EVP David Acheson stated that Apellis will initially report on the transition of EAP patients, new start forms, and REMS enrollments, with plans to report patients on product over time.

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    Divya Rao's questions to PUMA BIOTECHNOLOGY (PBYI) leadership

    Divya Rao's questions to PUMA BIOTECHNOLOGY (PBYI) leadership • Q3 2024

    Question

    Asked for an update on the lung cancer patients showing a partial response, the regulatory process for dose escalation of alisertib, and the strategy for exploring higher doses.

    Answer

    The executive did not have an immediate update on the status of the two responding patients. He stated that a formal FDA meeting is not expected to be necessary for dose escalation, as higher doses have been tested previously. The company is considering increasing the dose for both monotherapy and in combination with paclitaxel to maximize efficacy and potentially achieve a survival benefit, which is important for the overall approval strategy.

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    Divya Rao's questions to PUMA BIOTECHNOLOGY (PBYI) leadership • Q3 2024

    Question

    Divya Rao inquired about the initial alisertib data in lung cancer, asking if the two patients with partial responses were still on the trial and questioning the process for potential dose escalation, including FDA interactions and the number of doses being considered.

    Answer

    CEO Alan Auerbach stated he did not have the data on hand regarding the status of the two patients with partial responses. Regarding dose escalation, he explained that since partner Takeda had previously tested higher monotherapy doses, Puma has room to increase the dose without a formal FDA meeting, though the agency would be informed. Auerbach mentioned the company is considering increasing both the monotherapy dose and the dose used in combination with paclitaxel to maximize the efficacy signal and potentially demonstrate a survival benefit in a future randomized trial.

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    Divya Rao's questions to Voyager Therapeutics (VYGR) leadership

    Divya Rao's questions to Voyager Therapeutics (VYGR) leadership • Q2 2024

    Question

    Divya Rao from TD Cowen asked for details on the dose levels being explored for the anti-tau antibody VY7523 and whether the antibody and tau-silencing gene therapy programs would target the same patient populations.

    Answer

    CMO Dr. Toby Ferguson confirmed multiple dose levels are being studied for VY7523 but did not disclose specifics. CSO Dr. Todd Carter added that dosing aims to replicate brain exposure levels that achieved a ~70% reduction in tau pathology in preclinical models. Regarding patient populations, CEO Dr. Al Sandrock clarified the antibody would likely target patients in early stages of tau spread (Braak Stage 2/3), while the gene therapy approach would be informed by Biogen's BIIB080 program.

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