VICORE PHARMA BUY – SEK60 Up and AT2'em: initiating coverage on a promising IPF play
VICORE PHARMA – initiating with a BUYVicore Pharma is developing an angiotensin II type 2 receptor (ATR2) agonist
(C21/VP01) for IPF and PAH. We are encouraged by C21’s durable disease-modifying
potential in IPF shown in a first interim analysis of the ongoing phase 2 AIR trial. In 7
evaluable patients, FVC improved by +750 mL at week 36, which no other candidate
has demonstrated to date. We expect an additional interim update and plans for C21’s
further development in Q4 2022. We believe there is further upside in the stock if
the efficacy is confirmed across more patients. We initiate coverage with a BUY and
SEK 60, ascribing ~75% to IPF with a peak sales forecast of $2.6bn. For PAH, the
company is planning to start a phase 2 with C21 around YE 2022
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