Bi-Weekly UpdateSep 28, 2026 · 7 pages · Free to read

Oncology Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

A bi-weekly read on Oncology Therapeutics covering public market moves, major regulatory and clinical catalysts, and M&A activity across 47 covered names for September 14–28, 2026. Built for operators, acquirers and advisors tracking where evidence and price are diverging in the sector.

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-4.7%
Sector median move: +0.8%
S&P 500 return: 19.5x
Premium tier valuation: 1.7x
Discount tier valuation

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ONCOLOGY THERAPEUTICS

Approvals Advance While Investors Reprice the Clinical-Stage Tier

This update covers sector moves, company announcements and transaction activity from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI   ·   Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Oncology Therapeutics Bi-Weekly Update   |   September 14–28, 2026   |   Confidential   |   Not investment advice

Sources & methodology

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1 / 7 · HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ONCOLOGY THERAPEUTICS

Executive summary

Across 47 covered oncology names, 32 fell and the median move was -4.7% against a +0.8% S&P 500 return, even as Amgen secured an FDA monitoring update for IMDELLTRA and Cogent Biosciences won NDA acceptance for bezuclastinib. The deepest drawdowns concentrated in single-asset developers, led by ALX Oncology at -28.0%, while no new M&A prints joined the 40 recorded precedent transactions. The period reinforces NeuraCap's standing valuation split, with Premium-tier names at 19.5x EV/Revenue versus 1.7x for the Discount tier.

Key findings

32 of 47 covered names fell; median move was -4.7% versus S&P 500 +0.8%.
Single-asset developers led the drawdowns, with ALX Oncology down -28.0%.
Clinical and regulatory progress continued without lifting the group.
Valuation split persisted: Premium tier 19.5x vs Discount tier 1.7x EV/Revenue.

What each page shows

The analyst’s walkthrough of the deck, page by page.

01
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE
HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ONCOLOGY THERAPEUTICS
Cover slide introducing the Oncology Therapeutics bi-weekly industry events and M&A update for September 14–28, 2026.
We open with the two-week lens on Oncology Therapeutics — what changed, who moved and why, what transacted, and what it means for the room today. This is the frame for everything that follows, so keep it in mind as we walk the record.
Everything on this page
BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ONCOLOGY THERAPEUTICS Approvals Advance While Investors Reprice the Clinical-Stage Tier This update covers sector moves, company announcements and transaction activity from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Oncology Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1
02
THE BI-WEEKLY BOTTOM LINE
Regulatory and Clinical Progress Kept Coming
Summarizes the two-week period's biggest headline movement and regulatory milestones across 47 covered names, with the market context of the S&P 500 return.
Across the 47 names we track, 32 fell, and the median move came in at -4.7% while the S&P 500 returned +0.8% — the pullback stayed inside oncology rather than broadening across the market. At the same time, Amgen secured an FDA update that reduces monitoring time for the first two IMDELLTRA doses, and Cogent Biosciences had its bezuclastinib NDA accepted, showing the science kept advancing even as prices fell. Neither milestone lifted the group, and the deepest drawdowns concentrated in single-asset developers like ALX Oncology at -28.0% and Zentalis at -25.7%. So the takeaway for this page: progress and price are decoupling, and that gap is where the next conversation should start.
Everything on this page
THE BI-WEEKLY BOTTOM LINE Regulatory and Clinical Progress Kept Coming The two-week period in one page · 47 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Oncology Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 32 of 47 Covered Names Fell; The Median Move Was -4.7% The S&P 500 returned +0.8% over the same window, so the pullback sat inside the sector rather than across the market. 2 Milestones Landed Without Lifting the Group Amgen Inc. (AMGN) secured an FDA update reducing monitoring time for the first two IMDELLTRA doses, and Cogent Biosciences, Inc. (COGT) had its bezuclastinib NDA accepted. Neither development was accompanied by a broader recovery in the covered set. 3 The Deepest Drawdowns Sat with Single-Asset Developers ALX Oncology Holdings Inc. (ALXO) returned -28.0%, Zentalis Pharmaceuticals, Inc. (ZNTL) -25.7%, BridgeBio Oncology Therapeutics Inc. (BBOT) -24.6% and Coherus Oncology, Inc. (CHRS) -20.3%, each several times the sector median. 4 The Standing Split Between Scaled Franchises and Clinical Promise Held NeuraCap's sector study values the group on EV / Revenue for CY2027E at a 3.5x median, with the Premium tier at 19.5x and the Discount tier at 1.7x. This period's moves were consistent with that split rather than a challenge to it. +32.3% Best mover — Agenus Inc. (AGEN) worst: ALXO -28.0% · 15 up / 32 down of 47 covered -4.7% Sector median two-week return vs S&P 500 +0.8% 1 Company filings in the window 8-K events read for driver attribution
03
PUBLIC MARKET MOVERS
Where the Selling Concentrated, and What the Record Actually Supports
Details where the two-week selloff concentrated among covered oncology names against a sector-relative materiality bar.
The sector median move was -4.7% against a sector-relative materiality bar of 10.8%, so the names beyond that threshold are the ones worth naming individually. ALX Oncology Holdings fell -28.0%, Zentalis Pharmaceuticals fell -25.7%, BridgeBio Oncology Therapeutics fell -24.6% and Coherus Oncology fell -20.3%, each several multiples of the sector median. We link every move only to the filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. So what: the drawdown is name-specific and evidence-linked, not a broad sector re-rating.
Everything on this page
PUBLIC MARKET MOVERS Where the Selling Concentrated, and What the Record Actually Supports Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.7% · S&P 500 +0.8% · materiality bar ±10.8% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Oncology Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -4.7% ALX Oncology Holdings Inc. (ALXO) -28.0% Shares moved following the September 28 peer-reviewed publication of ASPEN-06 Phase 2 data, reporting a 40.3% objective response rate with evorpacept versus 26.6% for control; the largest single-day fall came earlier, on Sep 23. Published Phase 2 data in a biomarker-selected population is not clearing the bar the market sets for registrational risk. COMPANY-SPECIFIC Zentalis Pharmaceuticals, Inc. (ZNTL) -25.7% No notable in-window news was identified that clearly explains the move. The -25.7% return was well below the sector median of -4.7%. Single-asset developers absorbed declines several times the sector median over this window. UNEXPLAINED BridgeBio Oncology Therapeutics Inc. (BBOT) -24.6% No notable in-window news was identified that clearly explains the move. The -24.6% return sat far below the sector median of -4.7%. Discount-tier developers carried the sharpest drawdowns while the wider covered set moved lower. UNEXPLAINED Agenus Inc. (AGEN) +32.3% No notable in-window news was identified that clearly explains the move. The +32.3% gain ran against a sector median of -4.7%. Core-tier developers can re-rate hard in a two-week window, far beyond where the rest of the group trades. UNEXPLAINED
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MAJOR NEWS & INDUSTRY CATALYSTS
The Developments That Change How the Sector Reads
Highlights the two-week period's highest-impact regulatory and clinical catalysts across the sector.
Two catalysts anchor this page: Amgen's FDA update reducing monitoring time for the first two IMDELLTRA doses, and Cogent Biosciences' NDA acceptance for bezuclastinib. Each entry links to its underlying filing or article, and our 'why it matters' framing is a calibrated read of that record, not a claim of cause. These are the events that shift how we read positioning across the group over the next stretch. So what: evidence like this is what should anchor diligence conversations, even when price hasn't caught up yet.
Everything on this page
MAJOR NEWS & INDUSTRY CATALYSTS The Developments That Change How the Sector Reads The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Oncology Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 14 · NEWS · PRNewsWire FDA APPROVES REDUCED MONITORING TIME FOR FIRST TWO DOSES OF IMDELLTRA® Update Supports Broader Access to IMDELLTRA in Community Settings for People Living with Extensive-Stage Small Cell Lung Cancer THOUSAND OAKS, Calif., Sept. 14, 2026 /PRNewswire/ - Read alongside the movers page for the market's reaction. Sep 14 · NEWS · Business Wire Geron Investigation Initiated: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Geron Corporation - GERN NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announc Read alongside the movers page for the market's reaction. Sep 17 · NEWS · Business Wire Bristol Myers Squibb Presents Sotyktu (deucravacitinib) Data Showing Durable Efficacy, Consistent Safety in Adults with Psoriatic Arthritis Over Two Years PRINCETON, N.J.--(BUSINESS WIRE)---- $BMY #CCRWest2026--Bristol Myers Squibb Presents Sotyktu Data Showing Durable Efficacy, Consistent Safety in Adults with Psoriatic Arthritis Ov Read alongside the movers page for the market's reaction. Sep 17 · NEWS · GlobeNewsWire Fennec Pharmaceuticals Announces Oral Presentation of Detailed Results from Investigator-Initiated Phase 2 STS-J01 Clinical Study of Pedmark® in Japan at SIOP 2 ~ Primary Endpoint Met: American Speech-Language-Hearing Association (ASHA)-Defined Hearing Loss Occurred in 24.0% of Patients Versus the Prespecified Historical Benchmark of 56.4% Read alongside the movers page for the market's reaction. Sep 17 · NEWS · PRNewsWire INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Tyra Biosciences, Inc. - TYRA NEW YORK, Sept. 17, 2026 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Tyra Biosciences, Inc. ("Tyra" or the "Company") (NASDAQ: TYRA). Read alongside the movers page for the market's reaction. Sep 17 · NEWS · Business Wire Puma Biotechnology Initiates ALISCA®-Lung2, a Phase II Trial of Alisertib in Combination with Paclitaxel for the Treatment of Patients with Advanced Small Cell LOS ANGELES--(BUSINESS WIRE)--Puma Biotechnology has initiated ALISCA®-Lung2, a Phase II trial of alisertib in combination with paclitaxel to treat advanced small cell lung cancer. Read alongside the movers page for the market's reaction.
05
M&A & STRATEGIC ACTIVITY
A Quiet Period, Read Honestly
Reviews the two-week period's M&A and strategic activity against the standing base of 40 recorded precedent transactions.
No new transactions printed in this window, so the record stays anchored to the 40 precedent deals we already track. That quiet stretch matters because it means the public comparable set moved even while the transaction anchor held still — a gap buyers and targets should both notice. We read 'why the deal happened' from the recorded evidence only, and we don't re-present old transactions as news. So what: the absence of new prints is itself information about where deal conviction currently sits.
Everything on this page
M&A & STRATEGIC ACTIVITY A Quiet Period, Read Honestly September 14–28, 2026 · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Oncology Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. Precedent transactions (40 recorded deals) still frame buyer appetite; this page fills when new deals are announced. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against
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WHAT IT MEANS
What the Period Changes for Operators, Buyers and Advisors
Translates the two-week period's evidence into implications for operators, acquirers and advisors.
For owners and operators, cash runway against the next catalyst is doing the work this period — that's the conversation before the data even lands. For acquirers, the public reference set repriced while the transaction record stayed still, so the trailing precedent deals remain the anchor even as comparables reset lower, with 32 of 47 covered names down and a -4.7% median move. For advisors, the lead should be evidence quality and regulatory progress, not the price tape, since registrational-grade data arrived without a broad re-rating. So what: each seat at the table has a distinct, evidence-grounded reason to act now rather than wait for the market to agree.
Everything on this page
WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Oncology Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 3.5x 54 companies in the study 3 valuation tiers Standing thesis: Oncology Therapeutics splits between scaled franchises and clinical-stage promise FOR OWNERS & OPERATORS Runway Against Catalyst Is Doing the Work This Period Cash runway to the next catalyst and quarterly net cash burn set the terms of any conversation before the data does. FOR ACQUIRERS The Public Reference Set Moved; The Transaction Record Did Not No new prints landed in the window, so the trailing 40 precedent transactions remain the anchor while public comparables reset lower — 32 of 47 covered names fell, with a median move of -4.7%. FOR ADVISORS Lead with Evidence Quality, Not with the Price Action The theme to carry into conversations is that registrational-quality evidence and regulatory progress arrived without a broad re-rating.
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SOURCES & METHODOLOGY
Sources, Methodology and Important Notice
Explains the sources and methodology behind the figures used across this update.
Every figure in this update traces back to a recorded source — SEC filings, consensus estimates and market prices — with market data current through September 28, 2026. We hold driver attributions to calibrated language tied to the recorded evidence, not to asserted causation. This page is the reference point if a number in an earlier section needs to be traced to its origin. So what: the discipline behind the figures is what lets the read stand up to scrutiny in your own diligence process.
Everything on this page
SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Oncology Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 7 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T180020Z_554_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · businesswire.com · globenewswire.com

Sources and methodology

This update covers Oncology Therapeutics over the 14-day window September 14–28, 2026; market data runs through September 28, 2026. The universe is the 47 listed companies whose core business is Oncology Therapeutics under NeuraCap's industry classification, subject to a $100M market-capitalisation floor so that very small, loosely related names cannot dominate the movers and statistics. Companies covered: Ascentage Pharma Group International (AAPG), Agenus Inc. (AGEN), ALX Oncology Holdings Inc. (ALXO), Amgen Inc. (AMGN), Arvinas, Inc. (ARVN), Aura Biosciences, Inc. (AURA), ArriVent BioPharma, Inc. (AVBP), BridgeBio Oncology Therapeutics Inc. (BBOT), Black Diamond Therapeutics, Inc. (BDTX), Bristol-Myers Squibb Company (BMY), Candel Therapeutics, Inc. (CADL), Celcuity Inc. (CELC), Coherus Oncology, Inc. (CHRS), Cogent Biosciences, Inc. (COGT), Corbus Pharmaceuticals Holdings, Inc. (CRBP), Enliven Therapeutics, Inc. (ELVN), Exelixis, Inc. (EXEL), Fennec Pharmaceuticals Inc. (FENC), Geron Corporation (GERN), Monte Rosa Therapeutics, Inc. (GLUE), Genelux Corporation (GNLX), HUTCHMED (China) Limited (HCM), IDEAYA Biosciences, Inc. (IDYA), Immunocore Holdings plc (IMCR), Immunome, Inc. (IMNM), Immuneering Corporation (IMRX), Inhibrx Biosciences Inc. (INBX), Incyte Corporation (INCY), Innate Pharma S.A. (IPHA), Kura Oncology, Inc. (KURA), Nanobiotix S.A. (NBTX), Nuvation Bio Inc. (NUVB), Nuvectis Pharma, Inc. (NVCT), Olema Pharmaceuticals, Inc. (OLMA), BeOne Medicines AG (ONC), ORIC Pharmaceuticals, Inc. (ORIC), Puma Biotechnology, Inc. (PBYI), Replimune Group, Inc. (REPL), Relay Therapeutics, Inc. (RLAY), Revolution Medicines, Inc. (RVMD), Syndax Pharmaceuticals, Inc. (SNDX), Shattuck Labs, Inc. (STTK), Tango Therapeutics, Inc. (TNGX), Tyra Biosciences, Inc. (TYRA), Verastem, Inc. (VSTM), Zai Lab Limited (ZLAB), Zentalis Pharmaceuticals, Inc. (ZNTL). 7 names below the floor were excluded from the statistics: ACTU, BYSI, CRDF, IMMP, KPTI, ONCY, PMVP.

Window and company universe

How the moves and statistics are computed

Each company's period move is the change in closing price from the last close before the window to the last close inside it (close-to-close). The sector median is the median of those moves across the covered names; the index return is computed the same way for the S&P 500 over the same dates. The largest single-day move inside the window is shown for each mover. Movers are the largest gainers and losers by period move; the attribution cards prefer movers whose in-window record explains the move. Movers carry the valuation tier assigned in the standing sector study (the latest NeuraCap sector outlook) where that study rated them.

Events, news and how a move is attributed

Company events are the 8-K filings made inside the window; news items are publisher-sourced headlines for the window, admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron's and peers). Video and social platforms are never used. A move is linked to an event only when the event falls inside the window and only in calibrated language; where nothing in the record explains a move, the update says so rather than speculating. Every event links to its source.

Transactions in the window and the trailing record

Transactions are taken from SEC filings by announcement date; 0 were announced inside the window. The trailing record of 40 recorded transactions provides the reference multiples (EV over last-twelve-month revenue or EBITDA at announcement, as disclosed). A value whose own citation describes something other than the price paid is not shown as the deal value; transactions where the acquirer and the target are the same entity are treated as reorganisations and excluded.

Sources

Prices and index levels are market data through September 28, 2026; filings are the companies' SEC filings on EDGAR; press releases are the companies' own; other news items are from the established outlets named on each card; Treasury yields are published by the U.S. Department of the Treasury. Every figure and every event in the update links to its record.

Interpretation and important notice

'Why it matters', 'why the deal happened' and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, labelled as such. The update is informational: it is not investment advice, not a recommendation to buy or sell any security and not an offer of any kind.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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Oncology Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

Key figures

Read the report

Executive summary

Key findings

What each page shows

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › ONCOLOGY THERAPEUTICS

Regulatory and Clinical Progress Kept Coming

Where the Selling Concentrated, and What the Record Actually Supports

The Developments That Change How the Sector Reads

A Quiet Period, Read Honestly

What the Period Changes for Operators, Buyers and Advisors

Sources, Methodology and Important Notice