Oncopeptides (Buy, TP: SEK240.00) - Strong data from HORIZON and ANCHOR
Oncopeptides reported data in line with what we had anticipated in the HORIZON trial. One item stood out though, and that was the Duration of Response (DoR) of 7.5 months in 3x class refractory patients, up from c5.5 months previously at EHA. ORR was 29% in the ITT population and 24% in the 3x class refractory patients. Our take is that the data is in the range where we have seen other drugs get accelerated approvals in late-stage myeloma. At its meeting with the FDA earlier this week, the agency communicated that it wants to see some outcome data for the complete trial, which will delay filing to Q2 2020. We see no drama in this and still expect market launch in the US in late 2020. We keep our BUY recommendation and SEK240 target price.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.
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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