BerGenBio (Buy, TP: NOK68.00) - No news on Covid-19 trial
Q2 earnings were broadly in line with our forecast. There was no news on the planned Covid-19 trial, but BerGenBio is planning to run a similar trial on its own after UK Research and Innovation halted funding and recruitment for the ACCORD-2 trial in late July, and again said it would inform the market as soon as everything was in place to start it. We reiterate our BUY and NOK68 target price, but highlight that this includes cNOK13/share for the Covid-19 opportunity.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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