BerGenBio (Hold, TP: NOK9.00) - Expected data not a priority
Although we believe STK11 mutated non-small cell lung cancer (NSCLC) is a promising opportunity for bemcentinib, we struggle to identify substantial share-price catalysts for the next 12 months. We still see limited commercial value in the Covid-19 track, expect no near-term milestone payments, and management recently said that data from the closed studies is not a priority. Also, we do not expect BerGenBio’s recent change of strategy to significantly reduce operating expenses. We have thus downgraded to HOLD (BUY) and cut our target price to NOK9 (22).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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