SynAct Pharma (Hold, TP: SEK15.00) - EXPAND trial failed
SynAct Pharma presented disappointing data today (4 September), stating that the EXPAND trial failed to reach a difference between the active arm and placebo. Although the placebo effect might have been greater than expected, the proportion of patients in the active arm that reached ACR20 was also lower than expected. We believe this puts a lot of pressure on the company, as the financial situation is stretched and new capital likely needs to be raised in H2. We have downgraded to HOLD (BUY) and cut our target price to SEK15 (170).
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