BioArctic (Buy, TP: SEK200.00) - Clarity AD fully recruited
BioArctic’s Q1 earnings loss was smaller than we expected, but the cash flow was in line. At end-Q1, BioArctic had cSEK960m in cash compared to our estimate of cSEK962m. The most important recent development was the announcement from its partner Eisai that recruitment for the large phase III trial, Clarity AD, has been completed and data should be released in September 2022. We have made only minor changes to our estimates, and 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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