INVEST SECURITIES - Celyad : Consolidation de la trésorerie en amont de 2019 - ACHAT, OC 32€ vs 36,2€
Nous actualisons notre modèle en intégrant le placement privé de 40,1m€ réalisé en fin de semaine dernière. Cette opération vient renforcer la trésorerie du groupe qui présentait un niveau de 25m€ fin du T1 pour une consommation estimée autour des 9m€ par trimestre. Alors que les données préliminaires de l'essai THINK soulevaient des interrogations, le premier retour de LINK et SHRINK semble rassurant. Nous maintenons notre recommandation à ACHAT avec un ajustement de notre OC à 32€ vs 36,2€ préc.Celyad is engaged in engineered cell therapy treatments with clinical programs initially targeting indications in cardiovascular disease and oncology. Co. provides C-CATHez, an injection catheter that delivers bio therapeutic agents into the myocardium. Co.'s main product is C-Cure, which is in Phase III clinical trials for the treatment of chronic heart failure secondary to ischemic cardiomyopathy. Co.'s drug product candidates are autologous cell therapy treatments. In autologous procedures, a patient's cells are harvested, selected, reprogrammed and expanded, and then infused back into the same patient.
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