BerGenBio (Buy, TP: NOK56.00) - Still early, but pipeline maturing
Despite the better EBIT than we expected, the Q3 results were a non-event, as we believe the data points that emerged in the quarter are more important for the shares long-term (and the data we expect in the coming quarters). The company reported positive data in both NSCLC and AML in the quarter, and we expect additional data at ASH in December. In addition, it is due to initiate its first clinical trial on BGB149 (its mAb against AXL) in December and the second phase of its NSCLC trial started in early Q4. We keep our BUY and NOK56 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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