BioArctic (Buy, TP: SEK200.00) - Biogen’s aducanumab approved
BioArctic’s share price jumped after the FDA approved the competing anti-Alzheimer’s drug aducanumab on 7 June. We view the approval as positive for BioArctic, as aducanumab is the first drug to be approved for the indication in nearly 20 years. It has a similar mechanism of action (MoA) as BioArctic’s lecanemab. In our view, the approval validates the MoA. Furthermore, we believe that BioArctic’s drug has clear advantages over aducanumab and offers a more solid clinical package. We reiterate our BUY and SEK200 target price.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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