BerGenBio (Buy, TP: NOK40.00) - New potential in NSCLC
The Q3 loss was smaller than we forecast, on lower external R&D spend. We believe the data presented at SITC recently was interesting, and the company might have a potential opening for a 1L NSCLC indication. Focus is now on the 2L AML indication as well as 1L (mutation driven) and 2L (non-mutation driven) NSCLC. We reiterate our BUY but have cut our target price to NOK40 (48).BerGenBio is a clinical stage biopharmaceutical company focused on developing innovative drugs for aggressive, drug resistant cancers. Co.'s lead product, BGB324, is a selective, potent and orally available small molecule AXL inhibitor. It is in Phase II clinical development, as a single agent and in combination with marketed immuno-oncology drugs, in three cancer indications with potential: Acute myeloid leukaemia; Advanced non-small-cell lung cancer and Triple negative breast cancer. Co. is also developing a diversified pre-clinical pipeline of selective AXL inhibitors, including biologics and small molecules.
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