Alligator Bioscience (Buy, TP: SEK1.00) - OPTIMIZE-1 data in Q1 2024e
The Q3 report was a non-event, in our view, with the market focused on the top-line data read-out from the full OPTIMIZE-1 trial due in early Q1 2024. In the last interim trial analysis, the ORR dropped to c44% (but still significantly above what could be expected from FOLFIRINOX on a standalone basis), but as several patients had been under treatment for only a few weeks, we believe the ORR will likely look stronger at the top-line read-out. We reiterate our BUY, but have cut our target price to SEK1.00 (1.10) on adjusted share count assumptions.Alligator Bioscience AB is a Sweden-based company that is engaged in development of immunotherapies for the treatment of cancer. The Company specializes in the development of tumor-directed immunotherapies, in particular agonistic mono- and bispecific antibodies. In the discovery of those drugs, the Company uses its technology platforms ALLIGATOR-GOLD and FIND. ALLIGATOR-GOLD is a library containing human antibodies. FIND (which stands for Fragment Induced Diversity) is an antibody optimization technology. In its pipeline, the Company has thee projects: ADC-1013 (antibody), ATOR-1015 (bispecific immune activating antibody) and ATOR-1016 (bispecific agonistic antibody), which are in research/preclinical stage.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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