Oncopeptides (Hold, TP: SEK7.00) - Europe launch progressing
Q3 sales were slightly below our forecast. However, Q4 seems to be off to a good start (almost as many vials sold in October as in Q3). A new official price is in place in Germany, with which Oncopeptides is satisfied (we had expected a higher price). The company said its liquidity would take it to end-Q2 next year, and thus we believe the financial risks are increasing. We reiterate our HOLD but have cut our target price to SEK7 (8.5).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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