Oncopeptides (Hold, TP: SEK8.50) - Downgraded to HOLD
Q2 product sales were in line with our forecast; however, we believe a Pepaxti roll-out in Europe will take longer than previously anticipated and that a potential Type 2 variation is now of less value. Oncopeptides is appealing the FDA’s formal request for the withdrawal of Pepaxto from the US market, and expects a response from the agency in H2. We have cut our target price to SEK8.5 (15) (our target price includes potential dilution from future share issues). Given the limited potential upside, we have downgraded to HOLD (BUY).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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