Une année de transition - NEUTRE vs ACHAT - OC 1,8€ (vs 2,7€)
En décembre dernier, Neovacs annonçait sa volonté de se refocaliser sur son « IFNαKinoïde » dans le traitement du Lupus après l’échec de son étude de phase IIb évaluant son composé « TNF-Kinoïde » chez des patients atteints de polyarthrite rhumatoïde. Une étude de phase IIb devrait être initiée en milieu d’année en Europe, Asie et Amérique Latine. Nous considérons que l’année 2015 devrait représenter une année de transition. Nous abaissons notre objectif de cours du fait d’hypothèses plus prudentes sur le lancement de l’IFNα-Kinoïde (potentiel et pic de ventes). Cependant, nous considérons que le cours actuel ne justifie pas une recommandation VENTE mais NEUTRE sur la valeur, l’absence de momentum CT l’emportant sur le potentiel (+49%) en ce début d’année.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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