BioArctic (Buy, TP: SEK206.00) - Strong detailed data on BAN2401
BioArctic’s partner Eisai presented detailed data from the BAN2401 phase IIb trial on 25 July. The data was in our view better than expected. At the highest dose, the company reported a 30% improvement in decline in ADCOMS compared to placebo at 18 months of treatment. The company also reported statistically significant improvement in ADAS-cog. The side-effect profile is still very benign in our opinion. We reiterate our BUY recommendation on BioArctic, and have adjusted the LOA to 55% (45%) and raised our target price to SEK206 (SEK171).BioArctic is a research-based biopharma company which is engaged in developing new innovative disease modifying treatments based in antibodies (immunotheraphy) for neurodegenerative disease (i.e. diseases where the nervous system degenerates) such as Alzheimer's disease and Parkinson's disease and a treatment concept for complete spinal cord injuries (i.e. an injury where the spinal cord is completely broken). Co.'s operations are focused on research and development of new drugs for diseases and conditions with great medical need.
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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