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    Etzer Darout

    Managing Director and Senior Equity Research Analyst at BMO Capital Markets

    Etzer Darout is a Managing Director and Senior Equity Research Analyst at BMO Capital Markets, specializing in biotechnology and life sciences coverage. He follows a broad range of companies including Scholar Rock, Merus, Terns Pharmaceuticals, Verve Therapeutics, Arvinas, and BioNTech, with a track record that includes a 49% recommendation success rate and an average return of 22.2% per transaction. Darout joined BMO Capital Markets after prior research roles in the sector, and has established himself with actionable calls and top-tier price target forecasts for key biotech names. He holds relevant professional credentials such as FINRA securities registrations and is recognized in industry analyst rankings.

    Etzer Darout's questions to NOVARTIS (NVS) leadership

    Etzer Darout's questions to NOVARTIS (NVS) leadership • Q4 2024

    Question

    Etzer Darout asked for additional commentary on the delay of the HORIZON Phase III trial readout for pelacarsen, inquiring about the potential drivers of the event rate dynamics.

    Answer

    CEO Vasant Narasimhan clarified that the delay is due to event rate modeling on the blinded data, not an interim analysis. He explained that cardiovascular outcome studies have been trending toward lower event rates over time, and it's preferable to ensure the study is adequately powered by waiting for the target number of events, which is now expected in early 2026. He remains confident in the drug's mechanism.

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    Etzer Darout's questions to Scholar Rock Holding (SRRK) leadership

    Etzer Darout's questions to Scholar Rock Holding (SRRK) leadership • Q3 2024

    Question

    Etzer Darout inquired about the planned dosing strategy for the OPAL study in SMA patients under two years old, considering the learnings from the SAPPHIRE trial. He also asked for Scholar Rock's perspective on the differences between various muscle preservation approaches in obesity, such as myostatin inhibition versus amylins.

    Answer

    Executive Jay Backstrom stated that for the OPAL study, the company will leverage all PK/PD data from both the TOPAZ and SAPPHIRE studies to model and confirm the dose, which is expected to be based on the effective 10 mg/kg dose. Regarding obesity therapies, he emphasized that lean muscle loss is a common issue across different weight loss methods. He positioned Scholar Rock's SRK-439 as being agnostic to the primary weight loss drug, suggesting its favorable safety profile makes it suitable for broad combination strategies.

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    Etzer Darout's questions to Y-mAbs Therapeutics (YMAB) leadership

    Etzer Darout's questions to Y-mAbs Therapeutics (YMAB) leadership • Q3 2024

    Question

    Etzer Darout inquired about the price-to-mix dynamics for DANYELZA sales in the third quarter and the key criteria for selecting the optimal antibody dose for Part B of the GD2-SADA study.

    Answer

    Chief Commercial Officer Sue Smith explained that a $1.5 million charge for Medicaid claims impacted the price mix, causing a 5% revenue decline despite a 5% increase in vial volume. President and CEO Michael Rossi and Chief Medical Officer Dr. Vignesh Rajah stated that the GD2-SADA protein dose of 1 mg/kg was chosen for Part B because it aligns with preclinical PK data, allowing for dosing near the nadir. They added that dosimetry in the tumor and normal tissues, along with safety, are key factors for determining the optimal dose and interval.

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    Etzer Darout's questions to Y-mAbs Therapeutics (YMAB) leadership • Q2 2024

    Question

    Etzer Darout inquired about the anticipated number of patients for the randomized portion of the frontline BCC study and whether the SADA Part A study could yield enough data on GD2 expression to inform expansions into specific tumor types.

    Answer

    Chief Medical Officer Dr. Vignesh Rajah stated that the design for the randomized BCC study is still under evaluation, so patient numbers cannot be confirmed yet. President and CEO Michael Rossi added that while the SADA study collects data on various tumor expressions, Part A likely won't provide enough information to focus on or eliminate a specific tumor type for Part B.

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    Etzer Darout's questions to CytomX Therapeutics (CTMX) leadership

    Etzer Darout's questions to CytomX Therapeutics (CTMX) leadership • Q3 2024

    Question

    Etzer Darout questioned whether potential Phase Ib studies for CX-904 would focus on monotherapy or explore combinations with standard of care, particularly in head and neck or non-small cell lung cancer.

    Answer

    CEO Sean McCarthy responded that the company is currently focused on monotherapy for CX-904, which aligns with the goals of their partner, Amgen. He added that while combination strategies are under consideration, there are no defined plans for a combination component in a potential Phase Ib study at this time.

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    Etzer Darout's questions to MACROGENICS (MGNX) leadership

    Etzer Darout's questions to MACROGENICS (MGNX) leadership • Q3 2024

    Question

    Etzer Darout from BMO Capital Markets asked if MacroGenics is observing any notable differences in the safety and efficacy profiles between its two B7-H3 ADCs, vobra duo and MGC026, based on available data.

    Answer

    Dr. Scott Koenig, President and CEO, responded that he expects distinct safety profiles due to their different mechanisms (DNA-alkylating agent vs. Topo 1 inhibitor). However, he noted that with MGC026 still in mid-dose escalation, it is too early to provide a direct side-by-side comparison of the two assets.

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    Etzer Darout's questions to MACROGENICS (MGNX) leadership • Q1 2024

    Question

    Requested an update on the combination study of vobra duo with lorigerlimab, asking about the program's status and its viability given the safety profile of vobra duo.

    Answer

    The executive confirmed the combination program is on track. The dose-finding portion is in its final evaluation phase, and they plan to initiate enrollment in expansion cohorts for prostate cancer and another tumor type in the second half of 2024.

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    Etzer Darout's questions to MACROGENICS (MGNX) leadership • Q1 2024

    Question

    Etzer Darout of BMO Capital Markets requested more details on the combination study of vobra duo with lorigerlimab, asking about its progress and viability given vobra duo's safety profile.

    Answer

    Dr. Scott Koenig, President and CEO, confirmed the combination program is on track. He stated they are in the final stages of evaluating the dose-finding cohorts to determine the optimal doses and expect to begin enrolling expansion cohorts in prostate cancer and another tumor type in the second half of 2024.

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    Etzer Darout's questions to ARVINAS (ARVN) leadership

    Etzer Darout's questions to ARVINAS (ARVN) leadership • Q3 2024

    Question

    Etzer Darout from BMO Capital Markets inquired about expectations for the fulvestrant control arm in the VERITAC-2 trial and whether there are any potential read-throughs from upcoming data from Eli Lilly's EMBER-3 trial.

    Answer

    CEO John Houston stated the trial is designed to show superiority over fulvestrant. CMO Noah Berkowitz elaborated, expecting the fulvestrant arm's PFS to be in the 3-4 month range. He noted that for Lilly's data, they will need to analyze the prior CDK4/6 exposure of the patient population to make a valid comparison.

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    Etzer Darout's questions to EXELIXIS (EXEL) leadership

    Etzer Darout's questions to EXELIXIS (EXEL) leadership • Q3 2024

    Question

    Lukas Shumway, on behalf of Etzer Darout, asked about the zanzalintinib colorectal cancer trial, specifically how patients without liver metastases are identified and if a companion diagnostic would be required.

    Answer

    Chief Medical Officer Amy Peterson explained that identifying liver metastases is a standard part of care for advanced colorectal cancer patients, done via routine imaging scans. She clarified that it is a straightforward clinical assessment and does not require a companion diagnostic.

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    Etzer Darout's questions to GENMAB (GMAB) leadership

    Etzer Darout's questions to GENMAB (GMAB) leadership • Q1 2024

    Question

    Etzer Darout of BMO Capital Markets requested details on planned Phase III trial designs. He asked about the target patient population and control arm for Tivdak in head and neck cancer, and the expected initial indication and line of therapy for ProfoundBio's Rina-S, which has a potential 2027 launch.

    Answer

    Chief Development Officer Judith Klimovsky explained that for Tivdak, Genmab is finalizing the Phase III design with health authorities, based on data in second and third-line head and neck cancer patients who have progressed after standard therapies. Chief Medical Officer Tahamtan Ahmadi, citing the pending acquisition, carefully noted that ProfoundBio has publicly stated plans for a Phase III trial for Rina-S and a study to evaluate folate receptor expression.

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    Etzer Darout's questions to Xencor (XNCR) leadership

    Etzer Darout's questions to Xencor (XNCR) leadership • Q4 2023

    Question

    Inquired about the safety profile of vudalimab, specifically the case of autoimmune hepatitis, and the rationale for pausing the XmAb564 program.

    Answer

    The hepatitis event was an isolated case in a complex patient; existing monitoring protocols are in place. The XmAb564 pause was a strategic decision to focus resources on T-cell engagers, not a data-driven one.

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