BioArctic (Buy, TP: SEK410.00) - Approvals in focus; sales ramp-up adjusted
The Q2 report was fairly undramatic, coming just after the most important event in the company’s history – full FDA approval of Leqembi. BioArctic is turning its sights to possible approval in Japan in September as well as a full launch in the US by its partner Eisai. The pipeline of new projects looks solid, although there was no more detail. We reiterate our BUY but have lowered our target price to SEK410 (430) on our view of a slower sales ramp-up.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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