BioArctic (Buy, TP: SEK200.00) - No Covid-19 impact, as of yet
BioArctic reported Q1 earnings on 22 April. The actual report was, as is usual with development-stage biotech companies, a non-event. Most important in our view were the statements that the Covid-19 pandemic has, so far at least, had a minimal impact on the company. The PD project together with AbbVie commenced phase I during Q1. The internal development projects are moving forward even though the company does not disclose any significant levels of information about them. Cash at quarter-end was SEK1,077m. 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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