Asarina Pharma (Buy, TP: SEK61.00) - Disappointing top-line results
Asarina Pharma announced yesterday evening that the study in PMDD failed to meet its primary and secondary endpoints. An unexpectedly high placebo effect seems to be behind the failure. This is a significant blow to the company as the majority of our fair value comes from the project in PMDD (the most advanced project in the pipeline). We expect the stock price to take a significant hit following this news and we believe a drop of as much as c75% could be possible.
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