Le lupus en ligne de mire - ACHAT vs NEUTRE - OC 1,1€ (vs 1,7€)
Suite à la publication des résultats du S1 2015, nous mettons à jour notre modèle nous conduisant à ajuster notre objectif de cours qui passe de 1,7€ à 1,1€ (lancement de l’IFNαKinoïde mi-2020 vs début 2019). La pression sur le titre ces derniers mois fait néanmoins ressortir un potentiel de hausse de plus de 50%. L’étude de phase IIb de son IFNα-Kinoïde vient d’être initiée en Europe, Asie et Amérique Latine et devrait divulguer ses résultats début 2017. Malgré l’absence de momentum court terme, le cours actuel nous semble présenter un point bas et ainsi une véritable opportunité long terme. Nous relevons donc notre opinion de NEUTRE à ACHAT.Neovacs SA is a France-based company active in the biotechnology industry. It specializes in immunotherapy domain and providing treatment for autoimmune and inflammatory diseases. The Company researches and develops Kinoids, drug-candidates which aim to treat disease by including an antibody response in the patient. The Company focuses its development effort on two Kinoids for Crohn's disease, Rheumatoid Arthritis and lupus disease. Neovacs SA's portfolio of products includes TNF-Kinoids, IFN-Kinoids and VEGF-Kinoids. The Company operates in France and the United States. In May 2016, the Company signed a joint venture agreement with Stellar Biotechnologies Inc to create Neostell, owned by the Company in 70%.
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