BerGenBio (Buy, TP: NOK40.00) - Q4 report a non-event
The Q4 report was somewhat of a non-event in our opinion (as is often the case for biotech companies). The quarter’s loss was in line with our expectation. At quarter-end, the company had cash of cNOK437m. NSCLC with STK11 mutations seems to be its top priority and the next important event is set to be the start of a phase Ib/II trial in this indication. We reiterate our BUY and NOK40 target price.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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