Alligator Bioscience (Buy, TP: SEK24.00) - First look at ATOR-1017 data
Yesterday Alligator Bioscience hosted an R&D day at which it provided an update on its clinical programmes. The highlight was the first look at the interim safety data from ATOR-1017, and so far the safety profile looks promising. In our view, the most important upcoming share price catalyst will be the first efficacy readout from ATOR-1015, which we expect in H2 2021. We believe the company’s financial situation remains an issue for investors, but see the financial runway lasting until Q4 2021. We reiterate our BUY and SEK24 target price.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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