Asarina Pharma (Hold, TP: SEK9.00) - Uncertain path ahead
Asarina Pharma reported a Q1 operating loss of cSEK21m, in line with our estimates. The disappointing outcome of the PMDD trial and its subsequent termination after Q1 is still visible, but the company remains committed to the continued development of Sepranolone in other indications. Both studies in menstrual migraine and Tourette’s syndrome are fully financed and additional measures aim to extend the cash runway. However, we believe visibility is limited and that uncertainty remains high. We reiterate our HOLD and SEK9 target price.
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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