Oncopeptides (Buy, TP: SEK220.00) - Pressing the accelerator
Oncopeptides reported a Q2 loss clearly greater than we forecast, and comments on the rest of the year indicate that the company is continuing to accelerate taking its lead compound melflufen to the market. The next important triggers should be the FDA response to the 30 June filing and a PDUFA date. We expect these at the end of this week. We reiterate our BUY but, as operating costs are higher than we forecast, have increased our spending forecasts and as a result lowered our target price to SEK220 (240).Oncopeptides AB is a Sweden-based clinical development pharmaceutical company, which is primarily engaged in the healthcare industry. The Company focuses on research and development of cancer treatment solutions. The Company's product Ygalo is a peptidase potentiated alkylator, a type of cytotoxic drug that is targeted for use in the treatment of multiple myeloma. Ygalo is an alkylating agent that leverages the overrepresentation of peptidase enzymes in cancer cells to rise the concentration of active cancer fighting molecules in myeloma cells. Ygalo is intended for the treatment of patients with late-stage relapsed and refractory multiple myeloma. Ygalo is administered intravenously and is transported into cells where it is cleaved by peptidase enzymes, which impair transport of its active cancer-fighting agents out of the cell at the same time as driving more Ygalo into the cell.
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