Asarina Pharma (Hold, TP: SEK9.00) - Termination of PMDD development
Following yesterday’s announcement that the phase IIb study in PMDD had failed to meet its primary and secondary endpoints, Asarina Pharma has terminated Sepranolone’s development in PMDD. We have updated our model accordingly, making significant changes to our operating cost estimates (we had assumed PMDD would account for the majority of costs), but have also included Tourette’s in our model to better reflect the company going forward. As a result, we have cut our target price to SEK9 (61) and, given the short-term uncertainty, downgraded the stock to HOLD (BUY).
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