Update INNATE PHARMA BUY – TP EUR12 vs. 6.4 Monalizumab smiles again
Update INNATE PHARMA BUY – TP EUR12 vs. 6.4Monalizumab smiles again
Innate Pharma’s equity story received a significant boost of confidence on the back of ESMO 2021, with the presentation of its ANKET platform, but most remarkably – monalizumab’s success in combination with AstraZeneca’s anti-PD-L1, durvalumab (Imfinzi), as a maintenance therapy for stage III NSCLC. Recall, Monalizumab is being developed in collaboration with AZ and the amendment of the expected milestone payment left investors doubting AZ’s confidence in this programme. At ESMO 2021, AZ presented impressive interim results from the phase II COAST study of the combination of durvalumab with monalizumab or oleclumab in patients with stage III NSCLC, who have not progressed following cCRT. Both combinations have shown a significant improvement of PFS and OR in this setting and AZ announced the intent to initiate registrational phase III study, which we see as a very positive momentum for monalizumab and Innate Pharma’s investment case. Our renewed look at Innate Pharma equity story is based on:
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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