BerGenBio (Buy, TP: NOK62.00) - Waiting for data
The Q1 report was a non-event, as we expected. The development of bemcentinib is moving forward rapidly and there will be multiple data points in coming quarters. At ASCO in June, the company is due to present interim data in four abstracts and some of the trials may have final data by the end of this year. We reiterate our BUY recommendation and have lowered our target price to NOK62 (67).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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