BioArctic (Buy, TP: SEK420.00) - Full top-line data likely next trigger
Q3 revenues and earnings were solid at cSEK218m and cSEK133m, respectively, helped by a EUR15m milestone from Eisai. In our view, the next important share-price trigger will be more comprehensive data from the ClarityAD trial, due to be presented at CTAD on 29 November. We expect accelerated approval for lecanemab on or before the PDUFA date of 6 January 2023. We reiterate our BUY and SEK420 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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