Alligator Bioscience (Buy, TP: SEK1.40) - Reinstating a recommendation
During the past few months, several positive events have taken place, including approval of an Investigational New Drug (IND) in the US, Orphan Drug Designation (ODD) for mitazalimab in pancreatic cancer in the US, and recruitment in the OPTIMIZE-1 trial being completed. We expect a data update from the trial at end-Q2. Following DNB Markets’ role in the recently completed rights issue, we reinstate a recommendation on Alligator Bioscience with a BUY and a target price of SEK1.4. Our target price includes the recently concluded share issue and our estimate of additional capital needed in the coming years.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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