BerGenBio (Buy, TP: NOK68.00) - Next data at ASH in December
BerGenBio reported a somewhat larger loss in the quarter than we had estimated, but we are not concerned as this was mainly due to higher activity in the ongoing trials. Following two strong vaccine results lately (BioNTech and Moderna), the stock has lost some of the gains that resulted from the potential Covid-19 treatment with bemcentinib. The company believes there is likely to be a market for treatments for Covid-19 despite vaccines coming to the market. The trials in bemcentinib and Covid-19 should have data read-outs in early 2021 we believe. We reiterate our BUY and NOK68 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.
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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