Category: 3. Business

In a landmark moment at the ESMO Congress 2025, pivotal studies have unveiled compelling evidence that a new class of anti-cancer agents-antibody-drug conjugates (ADCs)-can dramatically improve outcomes for patients with early-stage HER2-positive breast cancer. 

The results from the phase III DESTINY-Breast05 and DESTINY-Breast11 trials, presented in a Presidential Symposium, mark a paradigm shift in breast cancer treatment, positioning ADCs not only as powerful therapeutic agents when the disease has already progressed but also as potential new standards of care in patients with early disease.  

There is a particular need for therapies to ensure patients with HER2-positive early breast cancer achieve pathological complete response following neoadjuvant therapies-i.e., delivered before surgery-, and a high unmet need to treat residual disease in those who do not, to prevent the development of metastasis.”

Dr. Evandro de Azambuja from the Jules Bordet Institute, Brussels, Belgium

Currently, trastuzumab emtansine (T-DM1) is the only ADC approved for patients with HER2-positive early breast cancer who show residual invasive disease after neoadjuvant therapy and are at a high risk of recurrence. In the DESTINY-Breast05, Trastuzumab deruxtecan (T-DXd), a new-generation ADC delivering a topoisomerase I inhibitor, showed to improve invasive disease-free survival and disease-free survival by 53% compared with T-DM1 (for both: hazard ratio [HR] 0.47; 95% confidence interval [CI] 0.34–0.66; p<0.0001). Also, T-DXd confirmed its high brain activity, demonstrating a clinically meaningful improvement in brain metastasis-free interval over T-DM1 (HR 0.64; 95% CI 0.35–1.17). 

“The generally manageable safety profile and the superior efficacy data suggest that T-DXd should replace T-DM1 as the new standard of care for patients with HER2-positive, residual invasive breast cancer after neoadjuvant therapy,” notes de Azambuja. 

The use of T-DXd also showed impressive findings earlier in the treatment pathway- before surgery- as reported in the DESTINY-Breast11 trial where 927 untreated patients with high-risk HER2-positive early breast cancer received either the ADC followed by standard HER2-targeted therapy (THP) or the conventional anthracycline-based regimen (ddAC-THP). The cycles of T-DXd, sequenced with THP, led to a significant increase in the rate of pathological complete response at surgery (67.3% versus 56.3%; p=0.003). “The T-DXd regimen has also the added advantage of an improved safety profile compared with the anthracycline-containing regimen,” comments de Azambuja noting the relevant reduction in cardiac toxicities which was observed with the ADC compared with the conventional treatment. 

“In conjunction, these two studies establish T-DXd as a critical treatment option for early-stage HER2-positive breast cancer, ultimately providing a new tool for treatment tailoring for what was once considered the most aggressive subtype of breast cancer, and which today represents the one with the highest chance of cure,” highlights Dr Paolo Tarantino from the Dana-Farber Cancer Institute and Harvard Medical School, Boston, MA, USA. 

After having reshaped the treatment of multiple types of metastatic cancers over the last few years, novel ADCs such as T-DXd are now “raising the bar” in the curative setting due to innovations in their design and mechanism of action. However, their use presents new challenges that need to be addressed. “For instance, 

toxicity profiles must be carefully defined and substantial effort to prevent permanent or fatal toxicities is required. Dosing, duration and sequencing of ADCs must also be optimised to achieve maximal efficacy with the least side-effects, and equally critical is the identification of predictive biomarkers that may allow better tailoring of ADC therapy and minimise overtreatment,” clarifies Tarantino. 

The presentation of the DESTINY-Breast05 and DESTINY-Breast11 trials results at the ESMO Congress 2025 cements the event’s role as a catalyst for global oncology progress. With ADCs now demonstrating superiority in both pre- and post-surgical settings, the oncology community stands at the threshold of a new chapter-one defined by smarter targeting, earlier intervention and deeper biological understanding. 

“Besides the immediate practical impact, in fact, data presented today are expected to have a broader impact on the future of ADC research, marking the formal entrance of the new generation of drugs in the curative arena. This is a therapeutic strategy with tremendous potential, which we are only just starting to unleash, promising to reduce rates of recurrence and improve survival across multiple cancers in the years to come,” concludes Tarantino.

Story Continues

Electronic Arts (EA) shares have drawn attention lately, especially after a steady climb over the past month. Investors are watching closely to see if the company can sustain this upward momentum.

See our latest analysis for Electronic Arts.

After a breakout month, Electronic Arts is capturing renewed investor interest. The stock’s 15.4% share price return over the past 30 days helped push its year-to-date gain to 37.3%. Momentum is clearly building, with strong gains reflected in a one-year total shareholder return of 39.5% and nearly 63% over the last three years.

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With such impressive momentum, investors may wonder if Electronic Arts is still trading at an attractive valuation, or if the market has already factored in all of its future growth potential. Is there a genuine buying opportunity here, or is everything now reflected in the price?

Electronic Arts’ current share price sits slightly above the narrative’s fair value estimate, reflecting only a narrow gap between price and fundamentals. The market appears to have already factored in much of the anticipated future growth, making this a close call for value-oriented investors.

EA’s strategic focus on expanding live services and new game launches, such as Skate and Battlefield, is expected to drive revenue growth and foster player engagement. The relaunch of American Football and continued success of FC Mobile, particularly in fast-growing markets, are expected to significantly boost net bookings and player base.

Read the complete narrative.

What is behind this lofty price? The narrative hinges on ambitious projections for future earnings, margin expansion, and blockbuster product launches. Curious which assumptions fuel such a high bar for growth and whether they hold up? Unpack the financial logic powering this price call in the full story.

Result: Fair Value of $193.88 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, a sharp drop in bookings for Apex Legends or tougher consumer spending could undermine EA’s outlook and cast doubt on these bullish projections.

Find out about the key risks to this Electronic Arts narrative.

If you see things differently or want to dig into the numbers on your own terms, you can craft your own take in just a few minutes with Do it your way.

A good starting point is our analysis highlighting 1 key reward investors are optimistic about regarding Electronic Arts.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include EA.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Expeditors International of Washington (EXPD) has been attracting investor interest because of its record of outperforming earnings estimates over the last two quarters. Analysts are now watching for the next report in early November.

See our latest analysis for Expeditors International of Washington.

Expeditors International’s share price has rebounded in recent weeks, rising 7.4% over the past 90 days and recapturing ground lost earlier this quarter. Despite muted total shareholder return of just 0.8% over the past year, the stock’s three- and five-year total returns remain impressive. This suggests that while near-term momentum is building, long-term investors have still enjoyed strong compounding gains overall.

If strong execution like this has you looking further afield, now is the perfect opportunity to discover fast growing stocks with high insider ownership.

That leaves investors with a key question: Is Expeditors International currently undervalued given its recent momentum and analyst optimism, or has the market already priced in the company’s future growth prospects?

Expeditors International trades at a price-to-earnings (P/E) ratio of 19.1x, notably higher than both the global logistics industry average of 15.7x and its estimated fair P/E of 12x. With shares closing at $119.92, this elevated multiple suggests the market is paying a premium for expected earnings compared to many peers.

The price-to-earnings ratio measures how much investors are willing to pay per dollar of reported earnings. In the logistics sector, it is often used as a gauge of growth or quality relative to industry standards. For Expeditors International, this high P/E could signal that investors expect sustained earnings outperformance or have confidence in the company’s ability to weather industry cycles.

However, when compared to the global logistics average and the estimated fair value multiple for the business, Expeditors International’s premium stands out. This gap may indicate some market over-optimism about future growth, or it could reflect perceived strengths such as high returns on equity and a history of quality earnings. If the market normalizes, valuations could move closer to the fair ratio, so investors should keep that possibility in mind.

Explore the SWS fair ratio for Expeditors International of Washington

Result: Price-to-Earnings of 19.1x (OVERVALUED)

However, slowing revenue growth and negative net income trends could challenge further upside if Expeditors International does not reaccelerate operational performance soon.

Find out about the key risks to this Expeditors International of Washington narrative.

Beyond earnings multiples, a different story emerges when looking at Expeditors International through the lens of our DCF model. The SWS DCF model suggests the company is currently trading around 22% below its estimated fair value. This signals the shares may be undervalued despite the high price-to-earnings ratio. Could the market be missing something about Expeditors’ long-term cash flow potential?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Expeditors International of Washington for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

If you would like to look at the numbers yourself or take a different approach, it only takes a few minutes to build your own story and see where your research leads. Do it your way

A great starting point for your Expeditors International of Washington research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include EXPD.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Story Continues

The TROP2-targeted antibody-drug conjugate (ADC) sacituzumab tirumotecan (sac-TMT; SKB264; MK-2870) yielded superior progression-free survival (PFS) compared with chemotherapy in patients with previously treated, locally advanced or metastatic hormone receptor (HR)-positive (+), HER2-negative (–) breast cancer, according to updated findings from the phase 3 OptiTROP-Breast02 trial (NCT06081959), presented at the 2025 ESMO Congress.¹

Notably, sac-TMT elicited a 65% reduction in the risk of disease progression or death vs chemotherapy (HR, 0.35; 95% CI, 0.26-0.48; P <.0001) and showed a consistent benefit across subgroups. At a median follow-up of 7.4 months, the median PFS (mPFS) in patients receiving sac-TMT (8.3 months; 95% CI, 7.0-8.6) was approximately twice that of patients receiving chemotherapy (4.1 months; 95% CI, 3.0-4.3).

Additionally, an interim analysis of overall survival (OS) revealed a positive trend among those receiving sac-TMT compared to those receiving chemotherapy (HR, 0.33; 95% CI, 0.18-0.61).

“The current chemotherapy options [for HR+/HER2– breast cancer] show limited efficacy,” said Man Li, professor at the Second Affiliated Hospital of Dalian Medical University, during the presentation.¹ “Sac-TMT has shown promising activity in pretreated patients with HR+/HER2– metastatic breast cancer in [a] phase 2 study [NCT04152499].”

These new statistically significant and clinically meaningful efficacy data from OptiTROP-Breast02, along with an observed manageable safety profile, strengthen the case for sac-TMT as a potential new treatment option for this patient population who comprise a vast majority of global breast cancer cases.¹

“The OptiTROP-Breast02 study supports sac-TMT as a new treatment option for patients with HR+/HER2– breast cancer following endocrine-based therapy and chemotherapy,” said Li.

What Is the Design of OptiTROP-Breast02?

OptiTROP-Breast02 is a global, randomized, open-label study evaluating the efficacy and safety of sac-TMT vs investigator’s choice of chemotherapy (ICC) in adult patients with unresectable, locally advanced or metastatic HR+/HER2– breast cancer who had failed at least 1 line of systemic chemotherapy.² The study is assessing the primary end point of PFS, along with secondary end points of investigator-assessed OS, objective response rate, disease control rate, and duration of response.

Patients were eligible for participation if they had HR+/HER2– breast cancer, had between 1 and 4 lines of chemotherapy, and had at least 1 endocrine therapy, CDK 4/6 inhibitor, and taxane in any setting. Of 399 patients randomized 1:1 to either the investigational arm (n = 200) or control arm (n = 199), 200 received 5 mg/kg of intravenous sac-TMT every 2 weeks, while 196 received ICC including eribulin, capecitabine, gemcitabine, and vinorelbine.

What Were the Patient Characteristics in the OptiTROP-Breast02 trial?

Patient characteristics were well balanced between the study arms. Across both arms, the median age was 54 years (range, 31-74), two-thirds had an ECOG performance status of 1, about 53% were HER2 zero, and 47% were HER2 low. About 96% of patients had visceral metastases and over three-fourths had liver metastases. About three-fourths of patients had received neoadjuvant chemotherapy and all patients had received prior taxane, endocrine therapy, and a CDK 4/6 inhibitor. About 56% of patients had received at least 2 lines of chemotherapy in the advanced/metastatic setting and a little over one-fourth of patients had primary endocrine resistance.

What Was the Safety Profile of Sac-TMT?

This most recent report of safety data revealed a manageable safety profile, with no new safety signals. In terms of treatment-related adverse events (TRAEs), the incidence of all-grade and grade ≥3 TRAEs was comparable between investigational and control arms. The most common TRAEs for both sac-TMT and chemotherapy were hematologic toxicities, including decreased white blood cell count, anemia, and neutropenia. While stomatitis was more frequent in patients receiving sac-TMT (63% vs 8%), Li noted that these events were primarily low-grade and manageable.

Treatment discontinuation occurred in 87 and 138 patients in the investigational and control arms, respectively. The most common reason for discontinuation was radiographic disease progression in both the investigational arm (n = 80) and control arm (n = 122).

What Are the Next Steps With Sac-TMT?

Regarding next steps Li said, “Phase 3 studies of sac-TMT as a monotherapy and/or in combination with pembrolizumab (Keytruda) in patients with chemotherapy-naïve HR+/HER2– breast cancer are ongoing globally (NCT06312176) and in China (NCT07071337).”

DISCLOSURES: Li had no interests to declare pertaining to this presentation.

REFERENCES:

1. Li, M. Sacituzumab tirumotecan (sac-TMT) vs investigator’s choice of chemotherapy (ICC) in previously treated locally advanced or metastatic hormone receptor-positive, HER2-negative (HR+/HER2-) breast cancer (BC): results from the randomized, multi-center phase 3 OptiTROP-Breast02 study. Presented at: ESMO 2025 Congress; October 17–20, 2025; Berlin Germany. Abstract LBA23.
2. Study of SKB264 for Locally Advanced, Recurrent or Metastatic HR+/​HER2- Breast Cancer. ClinicalTrials.gov. Updated December 12, 2024. Accessed October 18, 2025. https://clinicaltrials.gov/study/NCT06081959

Passive investing in index funds can generate returns that roughly match the overall market. But in our experience, buying the right stocks can give your wealth a significant boost. For example, the Objective Corporation Limited (ASX:OCL) share price is 45% higher than it was five years ago, which is more than the market average. It’s fair to say the stock has continued its long term trend in the last year, over which it has risen 24%.

Since the long term performance has been good but there’s been a recent pullback of 4.5%, let’s check if the fundamentals match the share price.

This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.

In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

During five years of share price growth, Objective achieved compound earnings per share (EPS) growth of 26% per year. This EPS growth is higher than the 8% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. Of course, with a P/E ratio of 50.83, the market remains optimistic.

You can see how EPS has changed over time in the image below (click on the chart to see the exact values).

It’s probably worth noting that the CEO is paid less than the median at similar sized companies. But while CEO remuneration is always worth checking, the really important question is whether the company can grow earnings going forward. Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here..

It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. It’s fair to say that the TSR gives a more complete picture for stocks that pay a dividend. As it happens, Objective’s TSR for the last 5 years was 52%, which exceeds the share price return mentioned earlier. This is largely a result of its dividend payments!

It’s good to see that Objective has rewarded shareholders with a total shareholder return of 26% in the last twelve months. And that does include the dividend. That’s better than the annualised return of 9% over half a decade, implying that the company is doing better recently. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. Most investors take the time to check the data on insider transactions. You can click here to see if insiders have been buying or selling.

For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Investors in South Korea looking to hedge their big US stock holdings or play their next wager are embracing a new type of trades: leveraged VIX bets.

With about $130 million in inflows this year, the 2x Long VIX Futures exchange-traded fund — which seeks twice the returns of a gauge tracking Cboe Volatility Index futures — has become one of the favorite US-listed ETFs and was the seventh most bought in July, according to data from the Korea Securities Depository. The additions represent about one-fifth of the ETF’s global inflows.

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Chinese tech giants have paused plans to issue stablecoins in Hong Kong, after Beijing raised concerns about the rise of currencies controlled by the private sector.

Companies including Alibaba-backed Ant Group and ecommerce group JD.com had said over the summer they would participate in Hong Kong’s pilot stablecoin programme or issue virtual asset-backed products, such as tokenised bonds.

But they have since put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China (PBoC) and Cyberspace Administration of China (CAC), not to move ahead, according to multiple people familiar with the situation.

PBoC officials advised against participating in the initial stablecoin rollout over concerns about allowing tech groups and brokerages to issue any type of currency, five people said.

One person with knowledge of the central bank’s briefings to the tech groups said the issuance of privately run stablecoins was also seen as a challenge to the PBoC’s digital currency project, the e-CNY.

“The real regulatory concern is, who has the ultimate right of coinage — the central bank or any private companies on the market?” said a different person.

Stablecoins are digital tokens pegged to fiat currencies such as the US dollar and are a cornerstone of crypto trading.

The pushback from Chinese authorities underscores how regulators around the world are keen to respond to the rise of stablecoins, particularly after the Trump administration championed them as a pillar of mainstream finance and a vehicle to project the US dollar’s dominance.

The European Central Bank has said widespread adoption of dollar stablecoins could hinder its ability to control monetary policy.

The Hong Kong Monetary Authority, the territory’s de facto central bank, in August started accepting applications for stablecoin issuers, establishing itself as a testing ground for the mainland.

In China, interest in the Hong Kong programme swelled over the summer, with some officials suggesting that renminbi-denominated stablecoins would potentially boost the yuan’s international use. 

Zhu Guangyao, former vice-minister of finance in China, argued in June that “the strategic purpose behind the US promotion of stablecoins is to preserve dollar supremacy” and it is crucial for China to respond to that financial challenge with the development of a stablecoin pegged to renminbi.

“We should fully leverage the pilot programmes in Hong Kong,” Zhu said at a forum in Beijing in June. “The renminbi stablecoin must be integrated into the overall design of the national financial strategy.” 

But two people with knowledge of the tech groups’ plans said financial regulators were taking a more cautious approach following a speech by former PBoC governor Zhou Xiaochuan in late August.

At a closed door financial forum in Beijing in July, Zhou urged a thorough evaluation of stablecoins and potential systemic risks they posed. 

“We need to be vigilant against the risk of stablecoins being excessively used for asset speculation, as misdirection could trigger fraud and instability in the financial system,” Zhou said at the China Finance 40 Forum, according to an article later published by the state-backed think-tank.

Zhou urged a “careful assessment of the true demand of tokenisation as a technological foundation”.

He added: “Although many believe stablecoins will reshape the payments system, in reality, there is little room to cut costs in the current system, particularly in retail payments.”

PBoC declined to comment. HKMA said it does not comment on market rumours. CAC, Ant and JD.com did not respond to requests for comment.

The main aim of stock picking is to find the market-beating stocks. But the main game is to find enough winners to more than offset the losers So we wouldn’t blame long term Amotiv Limited (ASX:AOV) shareholders for doubting their decision to hold, with the stock down 33% over a half decade.

Now let’s have a look at the company’s fundamentals, and see if the long term shareholder return has matched the performance of the underlying business.

Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.

While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One way to examine how market sentiment has changed over time is to look at the interaction between a company’s share price and its earnings per share (EPS).

In the last half decade Amotiv saw its share price fall as its EPS declined below zero. This was, in part, due to extraordinary items impacting earnings. At present it’s hard to make valid comparisons between EPS and the share price. However, we can say we’d expect to see a falling share price in this scenario.

You can see below how EPS has changed over time (discover the exact values by clicking on the image).

It’s good to see that there was some significant insider buying in the last three months. That’s a positive. On the other hand, we think the revenue and earnings trends are much more meaningful measures of the business. Dive deeper into the earnings by checking this interactive graph of Amotiv’s earnings, revenue and cash flow.

It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Amotiv’s TSR for the last 5 years was -16%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.

While the broader market gained around 12% in the last year, Amotiv shareholders lost 8.3% (even including dividends). However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Unfortunately, last year’s performance may indicate unresolved challenges, given that it was worse than the annualised loss of 3% over the last half decade. Generally speaking long term share price weakness can be a bad sign, though contrarian investors might want to research the stock in hope of a turnaround. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Take risks, for example – Amotiv has 2 warning signs we think you should be aware of.

Amotiv is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.