INNATE PHARMA BUY | EUR8 VS. EUR12 Expectations ahead of near-term lacutamab phase 2 in MF and Sezary
Looking into H2 2022 we expect two updates for Innates’ proprietary program, lacutamab, in cutaneous T-cell lymphomas (CTCL): 1) preliminary data for the mycosis fungoides (MF) cohort from the phase 2 TELLOMAK study to be presented on September 23rd at EORTC conference; 2) preliminary data from Sezary syndrome cohort from TELLOMAK study expected later H2. If positive, we believe these updates could provide support for Innate Pharma shares and align the expectations for the final readout of the TELLOMAK study. We remind that depending on the data strength, the Sezary cohort could have a registrational potential (fast track and prime desginations (=2L prior therapy). Following recent setback of monalizumab in SCCHN but with no readthrough, in our view, to NSCLC, we update our fiancial model and arrive at TP of EUR8 (vs EUR12 previously), with a BUY rating ahead of positivelly skewed lacutamab readouts.Innate Pharma S.A. is a biopharmaceutical Company developing immunotherapy drugs for cancer and inflammatory diseases. Co. specializes in the development of new monoclonal antibodies targeting receptors and pathways controlling the activation of innate immunity cells. Also, Co. has three product-candidates resulting from its research platform are being tested in clinical trials; two of these by Co.'s partners, Bristol-Myers Squibb and Novo Nordisk A/S. Co. focuses on immunopharmacology and antibody technology. Co. has a panel of molecular and cellular assays and in vivo models for assessing the pharmacodynamics, the pharmacotoxicology and efficacy of drug candidates.
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