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    Phil Nadeau

    Managing Director and Senior Research Analyst specializing in biotechnology at TD Cowen

    Phil Nadeau, Ph.D., is a Managing Director and Senior Research Analyst specializing in biotechnology at TD Cowen, where he covers approximately 25 large-, mid-, and small-cap biotechnology companies, including Biogen, Vertex Pharmaceuticals, BioMarin Pharmaceutical, Rhythm Pharmaceuticals, Kura Oncology, and Kezar Life Sciences. Known for his data-driven investment insights, Nadeau is currently a 3-star analyst on TipRanks with an average return of 2.7% and a success rate of around 41%, while Stock Analysis reports his trades have historically delivered a 47.6% success rate and a 35% average return. He began his career as a research assistant at Children’s Hospital Boston, joining Cowen (now TD Cowen) in 2000, and has since been consistently recognized in The Wall Street Journal’s 'Best on the Street' and the Institutional Investor poll. Dr. Nadeau holds a Ph.D. in Neurobiology from Harvard University, an SB/MEng in Electrical Engineering and Computer Science from MIT, and maintains relevant securities industry licenses.

    Phil Nadeau's questions to DYNAVAX TECHNOLOGIES (DVAX) leadership

    Phil Nadeau's questions to DYNAVAX TECHNOLOGIES (DVAX) leadership • Q2 2025

    Question

    Phil Nadeau from TD Cowen asked about HEPLISAV-B's strong quarterly performance, questioning if any one-time factors like inventory builds contributed, and requested more detail on the 'Other' market segment where market share is lowest.

    Answer

    Chief Commercial Officer Donn Casale stated that the record quarter was driven by widespread adoption, particularly in retail, with no significant one-time stocking issues. He clarified that the 'Other' segment comprises a long tail of smaller customers (military, corrections, small clinics) and that the company's strategy is to capture these patients as they increasingly utilize the retail pharmacy channel, where Dynavax is strongest.

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    Phil Nadeau's questions to Vir Biotechnology (VIR) leadership

    Phil Nadeau's questions to Vir Biotechnology (VIR) leadership • Q2 2025

    Question

    Phil Nadeau of TD Cowen inquired about the process for identifying and recruiting patients for the ECLIPSE-2 trial who have not responded to Hepcludex. He also asked if Vir would release the VIR-5818 monotherapy dose-escalation data separately from the combination data.

    Answer

    EVP & Chief Medical Officer Dr. Mark Eisner explained that identifying patients for ECLIPSE-2 is straightforward, as investigators know which of their patients are on bulevirtide and can test them for viremia to determine eligibility. He noted the trial is appealing for these patients. Regarding VIR-5818 data, Dr. Eisner stated that the company has not yet decided whether to release the monotherapy data alone or wait to present it with the combination data, as they are currently analyzing the totality of the data.

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    Phil Nadeau's questions to Syndax Pharmaceuticals (SNDX) leadership

    Phil Nadeau's questions to Syndax Pharmaceuticals (SNDX) leadership • Q2 2025

    Question

    Phil Nadeau questioned the market penetration of Revuforge in the incident KMT-2A population, asking how much growth remains before the NPM1 label expansion. He also requested an update on the inclusion of NPM1 in NCCN guidelines.

    Answer

    CCO Steve Closter clarified that having treated over 500 patients represents about 25% of the annual 2,000-patient KMT-2A market, with a target to reach 50% by year-end, indicating further growth potential. CEO Michael Metzger added that the company has submitted data for NCCN guideline inclusion for NPM1 and expects an update before the sNDA approval, which would aid the launch.

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    Phil Nadeau's questions to Apellis Pharmaceuticals (APLS) leadership

    Phil Nadeau's questions to Apellis Pharmaceuticals (APLS) leadership • Q1 2025

    Question

    Alex, on for Phil Nadeau, asked about Apellis's potential tariff exposure for SYFOVRE and EMPAVELI, the location of its ex-U.S. manufacturing, and where its key intellectual property is domiciled.

    Answer

    Executive Timothy Sullivan stated that the company is analyzing potential tariff exposure and mitigation tactics but could not provide details. He reiterated public disclosures that drug substance for SYFOVRE is manufactured in Switzerland and Japan but did not disclose the location for drug product manufacturing or where the company's IP is domiciled.

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    Phil Nadeau's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership

    Phil Nadeau's questions to NEUROCRINE BIOSCIENCES (NBIX) leadership • Q3 2024

    Question

    An analyst on behalf of Phil Nadeau from TD Cowen asked if upcoming data from emracladine would influence the pivotal trial plans for NBI-568 and requested details on the broader pivotal strategy.

    Answer

    CMO Eiry Roberts stated that while the team is encouraged by data suggesting M4 agonism is sufficient for efficacy, their focus is primarily on their own emerging Phase II data to design the Phase III program for NBI-568. CEO Kyle Gano added that their selective, direct activation approach offers a key differentiation. Specific trial design details will be shared after the end-of-Phase II FDA meeting.

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    Phil Nadeau's questions to Syros Pharmaceuticals (SYRS) leadership

    Phil Nadeau's questions to Syros Pharmaceuticals (SYRS) leadership • Q3 2023

    Question

    Asked for clarification on the expected efficacy delta in the SELECT-AML trial, the expected control arm performance, and the reason for the updated enrollment timeline for the SELECT-MDS trial.

    Answer

    Executives clarified that the SELECT-AML trial will provide the first data on the ven/aza control arm in the RARA-positive population, and they are hopeful for a triplet response rate similar to the 83% seen in the safety lead-in. The minor delay in the SELECT-MDS trial enrollment is due to more precise forecasting as the trial nears completion.

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    Phil Nadeau's questions to Adverum Biotechnologies (ADVM) leadership

    Phil Nadeau's questions to Adverum Biotechnologies (ADVM) leadership • Q4 2020

    Question

    Phil Nadeau from Cowen & Co asked for clarification on the cellular inflammation data for the 2E11 dose, how aflibercept would be dosed in the comparator arm, the company's confidence in matching its efficacy, and how physicians would monitor patients post-treatment in a real-world setting.

    Answer

    CMO Aaron Osborne confirmed that at the most recent time point, no patients on the 2E11 dose had cellular inflammation. He stated the aflibercept comparator arm will be dosed per its label (every eight weeks after three initial injections). Confidence in matching efficacy stems from the stable anatomy and continuous VEGF suppression observed in OPTIC. Dr. Arshad Khanani (Managing Director, Sierra Eye Associates) added that in practice, after an initial six-month monitoring period, stable patients could likely be seen every six months.

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    Phil Nadeau's questions to Adverum Biotechnologies (ADVM) leadership • Q2 2020

    Question

    Phil Nadeau from Cowen and Co. addressed the key debate around ADVM-022, asking for the physician's perspective on how much anterior inflammation and steroid use would be considered excessive or concerning for the broader clinical community, given the therapy's benefits.

    Answer

    Dr. Arshad Khanani responded that as long as inflammation is anterior, reversible, responsive to treatment, and does not cause long-term vision loss, it is considered manageable and acceptable by clinicians. He stressed that the benefit of a potential one-time treatment that preserves vision far outweighs the risk of low-grade, manageable inflammation, noting the low incidence of IOP issues and the high value this therapy provides to patients.

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    Phil Nadeau's questions to Adverum Biotechnologies (ADVM) leadership • Q1 2020

    Question

    Phil Nadeau inquired about the rescue criteria in the INFINITY trial, asking how they compare to other DME trials and standard clinical practice. He also asked for an update on enrollment for Cohort 4 of the OPTIC study and the potential risk of delays due to COVID-19.

    Answer

    Chief Medical Officer Aaron Osborne explained that the rescue criteria are at the most stringent end used in DME trials to support the study's hypothesis. President & CEO Leone Patterson addressed the second question, stating that while the long-term impact of COVID-19 is still unfolding, the company remains on track to present data from all four OPTIC cohorts by the end of the year.

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    Phil Nadeau's questions to Adverum Biotechnologies (ADVM) leadership • Q4 2019

    Question

    Phil Nadeau of Cowen and Company questioned if the steroid regimen for the diabetic retinopathy trial is finalized or awaiting more data. He also asked for details on what has been observed in the open-label Cohort 3, specifically how many patients are past the six-week steroid regimen, and about the flexibility of the topical steroid dosage.

    Answer

    President and CEO Leone Patterson indicated that based on positive observations from Cohort 3, the company is proceeding with the same six-week topical steroid eyedrop regimen for Cohort 4, suggesting high confidence. While the final DR protocol is pending the IND submission, a topical steroid approach is likely. She confirmed several Cohort 3 patients are past the six-week mark. Chief Medical Officer Aaron Osborne detailed the current steroid tapering schedule and confirmed that the dosage frequency could be increased if needed, though the current regimen has been sufficient.

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    Phil Nadeau's questions to XOMA Royalty (XOMA) leadership

    Phil Nadeau's questions to XOMA Royalty (XOMA) leadership • Q3 2015

    Question

    Phil Nadeau from Cowen and Company inquired about XOMA's forward-looking operating expenses, the timeline for the go/no-go decision on the pyoderma gangrenosum (PG) trial, and the data disclosure strategy for the ongoing XOMA 358 study.

    Answer

    SVP Paul Rubin and CFO Tom Burns confirmed that OpEx estimates were in the right ballpark, with a pro forma cash balance of $69 million funding operations through Q1 2017. CEO John Varian and SVP Paul Rubin added that the PG trial's first decision point is expected around the end of Q1. For the open-label XOMA 358 study, data will be disclosed after at least one cohort is complete to ensure meaningful results.

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    Phil Nadeau's questions to XOMA Royalty (XOMA) leadership • Q2 2015

    Question

    Phil Nadeau of Cowen and Company inquired about the future development milestones for XOMA 358 and asked for a comparison between its mechanism of action and a competing compound from Zealand Pharma.

    Answer

    CEO John Varian initiated the response, which was detailed by Paul Rubin, SVP of R&D and CMO. Rubin explained that two proof-of-concept, single-dose trials for XOMA 358 are designed and ready to launch in the near future for congenital hyperinsulinism and post-bariatric surgery hypoglycemia. He highlighted that XOMA 358 works at the insulin receptor level, making it effective regardless of the underlying genetic defect, and offers a more convenient dosing schedule (monthly vs. continuous infusion) compared to the competitor's compound.

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