DnB Markets - Alligator Bioscience AB (ATORX) Alligator Bioscience (Buy, TP: SEK14.00) - Re-prioritising the pipeline

Report

DnB Markets

Patrik Ling

EUR 88.46 For Business Accounts Only

Alligator Bioscience (Buy, TP: SEK14.00) - Re-prioritising the pipeline

Alligator Bioscience reported a Q3 loss of cSEK31m. This was slightly less than the loss of cSEK35m we had expected. At end-Q3, the company had cSEK137m in cash on its balance sheet. It has re-prioritised its development pipeline and is seeking a partner to drive ATOR-1015 forward. It also announced it had seen some side-effects in the ATOR-1015 dose-finding trial that would delay the start of the planned melanoma trial. We reiterate our BUY, but have cut our target price to SEK14 (24) as we believe the pipeline changes will delay the potential market introduction of ATOR-1015.

22/10/2020 11 EN

Underlying

Alligator Bioscience AB

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.

See profile

SE0000767188 Nasdaq Nordic Stockholm Sweden

Provider

DnB Markets

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.

See profile

Analysts

Patrik Ling

Other Reports on these Companies

DnB Markets

Alligator Bioscience (No_rec, TP: SEK) - Discontinuing coverage

We have discontinued coverage of Alligator Bioscience. Our last published recommendation, target price and estimates should no longer be relied upon.

Free Trial

December 4, 2024 December 4, 2024 1 EN

DnB Markets

Alligator Bioscience (Buy, TP: SEK1.50) - Running out of cash runway

The Q3 burn rate was higher than in Q1–Q2 at a time the company’s cash runway is running out – management said it had cash for Q4 (excluding the Q4e option programme TO09). Also, a partnering deal for mitazalimab is taking longer than we assumed, leaving the company in a difficult position (potential partners would be aware of its financial position). We have pushed a deal to 2025e and a potential launch to 2028e; as a result, we have cut our target price to SEK1.50 (2.00). That said, we reiterate our BUY.

Free Trial

October 27, 2024 October 27, 2024 1 EN

DnB Markets

Alligator Bioscience (Buy, TP: SEK2.00) - Out-licensing deal next step

We view the Q2 results as a non-event, given the strong final data reported at the end of the quarter from the mitazalimab phase II OPTIMIZE-1 trial, including 18 months survival data in first line metastatic pancreatic cancer. We believe the next step is a global out-licensing deal (in H2e). We reiterate our BUY and have raised our target price to SEK2 (1.10) on the strong data.

Free Trial

July 19, 2024 July 19, 2024 1 EN

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

As a result of DNB Markets acting as financial advisor in conjunction with the company’s announcement (link) of a strategic review prompted by a non-binding letter of intent from Firda AS to explore a potential sale of its business segment assets, we have withdrawn our target price and recommendation.

Free Trial

May 9, 2025 May 9, 2025 1 EN

Håkon Astrup

Håkon Astrup

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Helped by still-solid core revenues, cost reduction YOY and moderate loan losses, HELG reported a Q1 ROE of 12.3%, despite some margin pressure. With solid earnings generation, the bank increased its CET1 ratio by ~20bp to 18.0% and still guides for a 0.8%-point benefit from the implementation of Basel IV, boding well for meaningful distributions. We have lowered our 2026–2027e EPS by 0–1%, That said, we reiterate our target price of NOK167. With the stock trading at a 2026e P/E of ~12.4x, we continue to find the valuation fair and reiterate our HOLD.

Free Trial

May 9, 2025 May 9, 2025 1 EN

Christoffer Wang Bjørnsen

Christoffer Wang Bjørnsen

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Smartoptics’ Q1 results marked a slower start to the year than we forecast, primarily owing to weaker sales in Devices, which seems to be back to near-term tariff-induced uncertainty. On the flip side, we understand the slowdown seen towards end-Q1 has already caught up again in order inflow, and thus we remain upbeat for the quarters ahead. Following an estimate reduction, we have lowered our target price to NOK27 (30) but reiterate our BUY.

Free Trial

May 9, 2025 May 9, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Alligator Bioscience (Buy, TP: SEK14.00) - Re-prioritising the pipeline

Alligator Bioscience (No_rec, TP: SEK) - Discontinuing coverage

Alligator Bioscience (Buy, TP: SEK1.50) - Running out of cash runway

Alligator Bioscience (Buy, TP: SEK2.00) - Out-licensing deal next step

Airthings (No_rec, TP: NOK) - Recommendation and target price withdrawn

SpareBank 1 Helgeland (Hold, TP: NOK167.00) - Softer margin, but lower costs

Smartoptics (Buy, TP: NOK27.00) - We remain optimistic

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe