Merlintrader Trading Pub
Biotech catalyst, news and analysis PDUFA tracker
Merlintrader Trading Pub
Biotech catalyst, news and analysis PDUFA tracker
AI transparency: articles and reports are produced with the help of artificial intelligence and checked through a process that does not constitute specialist validation. They may contain errors: verify relevant information with independent sources. Read the full disclaimer.
Merlintrader Daily Briefing
Morning: ESMO oncology updates and Friday’s market close
Saturday morning: ORIC’s enozertinib update, Revolution Medicines’ pancreatic-cancer subgroup analyses and Merck/Moderna’s melanoma results lead the ESMO news. U.S. cash equities are closed for the weekend; Friday’s closes and after-hours trades are shown separately.
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The news that matters
October 23 official closes — SPY -0.52%, QQQ -0.01%, DIA -1.24%, IWM -0.33%, XBI -1.38%, XLE +2.60%, GLD -0.65%, BITO -0.28%. Changes versus October 22 official closes.
ORIC: enozertinib advances toward Phase 3
Phase 1b investigator-assessed confirmed response rate: 84% (21/25). Redwood-1 is planned for the first half of 2027.
Company release — October 23Revolution: exploratory survival analyses
New RASolute 302 subgroup analyses were reported on October 23; they extend the previously reported primary results.
Company release — October 23Merck/Moderna: Phase 3 melanoma results
Intismeran plus pembrolizumab reduced recurrence-or-death risk by 42% versus pembrolizumab alone; overall survival remains immature.
Company release — October 23Support and risks
Oncology catalysts continue through the weekend
Saturday morning: ORIC’s enozertinib update, Revolution Medicines’ pancreatic-cancer subgroup analyses and Merck/Moderna’s melanoma results lead the ESMO news. U.S. cash equities are closed for the weekend; Friday’s closes and after-hours trades are shown separately.
Early results and exploratory analyses carry uncertainty
Small cohorts and exploratory subgroups require cautious interpretation. October 23 official closes — SPY -0.52%, QQQ -0.01%, DIA -1.24%, IWM -0.33%, XBI -1.38%, XLE +2.60%, GLD -0.65%, BITO -0.28%. Changes versus October 22 official closes.
NEXT SCHEDULED EVENTS
Today: INTerpath-001 presentation and Moderna webcast
October 24: the INTerpath-001 presentation is scheduled for 10:30 a.m. EDT and Moderna’s investor webcast for 1:00 p.m. EDT. On October 26, ORIC’s poster is scheduled for 7:00–7:45 a.m. EDT; Iovance plans its first soft-tissue-sarcoma clinical data. The next U.S. regular equity session opens Monday at 9:30 a.m. EDT.
SESSION STATUS
Weekend: October 23 official closes
Table, tiles and SPY chart show October 23 official closes. Daily changes compare with October 22. After-hours trades are shown separately, versus October 23 closes.
SPY · official closing series
September 25–October 23, 2026 · USD
$759.97 · October 23 official close (-0.52%)
21 official closes, September 25–October 23. Regular trading sessions only.
Latest official closes — October 23, 2026
SPY · OCT 23
$759.97 · -0.52%
Official close · 4:00 p.m. EDT
QQQ · OCT 23
$704.40 · -0.01%
Official close · 4:00 p.m. EDT
DIA · OCT 23
$521.37 · -1.24%
Official close · 4:00 p.m. EDT
IWM · OCT 23
$275.75 · -0.33%
Official close · 4:00 p.m. EDT
XBI · OCT 23
$149.54 · -1.38%
Official close · 4:00 p.m. EDT
XLE · OCT 23
$69.33 · +2.60%
Official close · 4:00 p.m. EDT
GLD · OCT 23
$366.61 · -0.65%
Official close · 4:00 p.m. EDT
BITO · OCT 23
$10.83 · -0.28%
Official close · 4:00 p.m. EDT
MORNING · October 24October 23 official closesChanges versus October 22 closes
01Friday’s close and after-hours
October 23 official closes — SPY -0.52%, QQQ -0.01%, DIA -1.24%, IWM -0.33%, XBI -1.38%, XLE +2.60%, GLD -0.65%, BITO -0.28%. Changes versus October 22 official closes.
After-hours, October 23: SPY $761.13 (+0.15%, 7:59 p.m. EDT), QQQ $704.86 (+0.07%, 7:59 p.m. EDT), versus October 23 official closes.
02Official ETF closes — October 23, 2026
| Instrument | Oct 22 official close | Oct 23 official close | Change | Session label |
|---|---|---|---|---|
| SPY | $763.96 | $759.97 | -0.52% | Oct 23 official close · 4:00 p.m. EDT |
| QQQ | $704.47 | $704.40 | -0.01% | Oct 23 official close · 4:00 p.m. EDT |
| DIA | $527.89 | $521.37 | -1.24% | Oct 23 official close · 4:00 p.m. EDT |
| IWM | $276.67 | $275.75 | -0.33% | Oct 23 official close · 4:00 p.m. EDT |
| XBI | $151.64 | $149.54 | -1.38% | Oct 23 official close · 4:00 p.m. EDT |
| XLE | $67.57 | $69.33 | +2.60% | Oct 23 official close · 4:00 p.m. EDT |
| GLD | $369.00 | $366.61 | -0.65% | Oct 23 official close · 4:00 p.m. EDT |
| BITO | $10.86 | $10.83 | -0.28% | Oct 23 official close · 4:00 p.m. EDT |
Percentage changes compare October 23 with October 22 official closes and exclude distributions.
03ORIC: enozertinib data and Phase 3 plans
On October 23, ORIC reported Phase 1b results in first-line NSCLC with atypical EGFR mutations: confirmed systemic response was 84% (21/25) by investigators and 80% (20/25) by blinded independent central review.
Six of 26 patients (23%) experienced Grade 3 treatment-related adverse events. Median progression-free survival and duration of response remain immature. ORIC plans to start the global Redwood-1 Phase 3 study in the first half of 2027.
04Friday’s sector performance
October 23 official closes: XBI $149.54 (-1.38%), XLE $69.33 (+2.60%), DIA $521.37 (-1.24%), IWM $275.75 (-0.33%), GLD $366.61 (-0.65%), versus October 22.
Energy advanced, while biotech, gold and the main equity ETF benchmarks shown here finished lower.
05Iovance: final Phase 2 melanoma results
On October 23, Iovance reported a confirmed response rate of 62.5% (15 of 24 patients) with lifileucel plus pembrolizumab in frontline advanced melanoma. Complete responses occurred in 29.2%.
Median overall survival had not been reached after a median study follow-up of 50.9 months. Iovance: October 23 results.
The ongoing Phase 3 TILVANCE-301 trial is the next major test of this frontline combination.
06Bitcoin-linked exposure: BITO close
October 23 official close: BITO $10.83 (-0.28%), versus the October 22 close of $10.86.
This is the ETF share price, not a spot-Bitcoin quote. BITO uses futures and swaps rather than holding Bitcoin directly; contract rolls and distributions can affect performance. ProShares: BITO structure.
07Clinical and regulatory developments
Aardvark: ARD-101 development can resume
On October 22, Aardvark announced that the FDA lifted the clinical hold on ARD-101 for hyperphagia in Prader-Willi syndrome. Company announcement · Company announcement.
Aardvark plans further FDA engagement on Phase 3 trial design before resuming development. Its October 22 announcement scheduled a webcast for October 23 to discuss exploratory data from the terminated HERO and OLE trials. Company announcement.
Arbutus: AB-101 hold removed
On October 22, Arbutus announced the removal of the FDA clinical hold on the AB-101 IND application, allowing additional U.S. clinical development. Company announcement.
AB-101 is an investigational oral PD-L1 inhibitor. It has completed a Phase 1a/1b study in healthy participants and people with chronic hepatitis B. Company announcement.
Arbutus is evaluating next steps for continued development.
Merck/Moderna: INTerpath-001 melanoma results
In its October 23 release, MSD reported a 42% reduction in recurrence-or-death risk with intismeran plus pembrolizumab versus pembrolizumab alone in resected stage IIB–IV melanoma (HR 0.58; p<0.001). MSD: Phase 3 results.
Overall survival data remain immature. Grade 3–5 treatment-related adverse events occurred in 14.2% versus 13.4%. Intismeran remains investigational.
08Revolution: new RASolute 302 subgroup analyses
On October 23, Revolution Medicines reported exploratory RASolute 302 analyses in previously treated metastatic pancreatic cancer. Overall-survival hazard ratios favored daraxonrasib across the evaluated RAS subgroups. Revolution: October 23 analyses.
Several subgroup confidence intervals crossed 1, including G12R, Q61 and tumors without an identified RAS mutation. These are exploratory results extending the previously reported primary analysis. Revolution: subgroup estimates.
09Eikon: PARP1 and WRN updates at ESMO
On October 23, Eikon presented initial and updated data for EIK1003, EIK1004 and EIK1005 at ESMO. Eikon: October 23 announcement.
Early-stage oncology programs
EIK1004 monotherapy showed a 12.1% response rate in 58 efficacy-evaluable participants, including confirmed and unconfirmed responses. Eikon: clinical results.
Grade 3 or higher treatment-emergent adverse events occurred in 12 of 68 EIK1004 participants (17.6%).
The company expects additional PARP1 and WRN program data in 2027. These remain investigational treatments.
Sources and market-data dates
MORNING edition — October 24, 1:22 a.m. EDT. Weekend. Table and tiles: October 23 official closes versus October 22. SPY chart: 21 official closes, September 25–October 23. Company announcements: October 22–23.
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Important notice
For information and education only. Not investment advice, a solicitation or a recommendation to buy or sell securities. Verify prices, filings and event timing independently and consult an authorized adviser when needed.
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