BioArctic (Buy, TP: SEK220.00) - Waiting for top-line trial data
BioArctic’s partner Eisai is set to report top-line data from the pivotal phase III trial ClarityAD in September. We see a high probability that the data will be strong, and if so believe the share price should see a sharp uplift. In our scenario analysis of the potential outcomes we see a c25% probability of success priced into the shares, which we believe is too pessimistic. We reiterate our BUY and SEK220 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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