Le bras droit de BMS en immunothérapie - ACHAT vs NEUTRE - OC 9€ (vs 6,9€)
Nous mettons à jour notre modèle suite à un changement de couverture, avec pour conséquence un objectif de cours relevé à 9€ vs 6,9€ précédemment. Nous modifions également notre recommandation qui passe ainsi de NEUTRE à ACHAT. Le principal actif de la société Lirilumab devrait divulguer ses résultats cliniques de phase II en monothérapie dans la Leucémie Myéloïde Aigüe (LAM) fin 2015/début 2016 ce qui pourrait conduire au versement d’un milestone significatif de son partenaire BMS. De plus, nous considérons que le cours actuel n’incorpore aujourd’hui que cet actif sans tenir compte des 5 développements en phase II de son anti NKG2A qui devraient débuter courant 2015 et 2016. Le reste du portefeuille est considéré à ce stade comme une option libre dans notre modèle de valorisation.Innate Pharma S.A. is a biopharmaceutical Company developing immunotherapy drugs for cancer and inflammatory diseases. Co. specializes in the development of new monoclonal antibodies targeting receptors and pathways controlling the activation of innate immunity cells. Also, Co. has three product-candidates resulting from its research platform are being tested in clinical trials; two of these by Co.'s partners, Bristol-Myers Squibb and Novo Nordisk A/S. Co. focuses on immunopharmacology and antibody technology. Co. has a panel of molecular and cellular assays and in vivo models for assessing the pharmacodynamics, the pharmacotoxicology and efficacy of drug candidates.
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