BerGenBio (Buy, TP: NOK56.00) - Moving in the right direction
The company reported a larger loss than we had forecast but this was due to us expecting a larger milestone payment in Q4. The actual operating costs were lower than we forecast so the report was actually good, in our view. The clinical development is progressing according to plan and we believe a larger phase II trial in NSCLC is likely to commence in 2020. We expect several important data read-outs in 2019, among others from the second part of the NSCLC trial with bemcentinib in combination with Keytruda. We reiterate our BUY recommendation and NOK56 price target.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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