Priorisation du portefeuille de BMS - ACHAT - OC 10,3€ (vs 9€)
Vendredi post marché, le groupe annonçait que son partenaire BMS arrêtait le recrutement de nouveaux patients dans l'essai de phase I évaluant lirilumab en combinaison à Yervoy (ipilimumab) dans les tumeurs solides. Nous voyons par cet arrêt de recrutement une priorisation du portefeuille cancérologie de BMS qui semble vouloir se focaliser sur la combinaison Lirilumab et Opdivo (nivolumab) son anti PD1. Nous retirons nos ventes attendues sur la combinaison avec Yervoy diminuant notre objectif de 0,3€ mais augmentons notre probabilité de succès de 10 à 15% sur la combinaison avec nivolumab (+1,6€) qui pourrait dévoilée ses données lors de l'ASCO (ou ESMO) en 2015. Toute faiblesse du titre aujourd'hui est selon nous un point d'entrée pour anticiper un newsflow clinique dense en 2015. Nous maintenons notre recommandation à l'ACHAT en relevant notre objectif de 9€ à 10,3€.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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