BerGenBio (Buy, TP: NOK56.00) - Focus on NSCLC
BerGenBio reported Q2 earnings on 21 August. It stated that it would present more NSCLC data at the World Lung Conference in late September. Our impression is that the company will increasingly focus on NSCLC and that a Phase IIb trial in NSCLC with bemcentinib in combination with Keytruda is the most likely avenue of development. We keep our BUY, but have trimmed our target price to NOK56 (NOK62) after exclusion of TNBC from our model.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.
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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