Morning Notes : ARGX BB, CPINVb BB, UCB BB, BTLS BB

: ARGX BB, CPINVb BB, UCB BB, BTLS BB

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/05/2025

Brederode 1Q25: NAVps down 1.7%; Weakening Dollar Impacts Private Assets

Over 1Q25, NAVps decreased by 1.7% to €139.0ps (vs. €141.4ps at FY24-end). This was mainly due to the private asset portfolio, which recorded a loss of €74.7m on the ~€4.1bn portfolio. The primary reason was the recent decline of the USD. The listed assets generated a modest €6.6m gain, mostly driven by Iberdrola and Enel. During the first quarter, the position in Experian was strengthened, while the position in Nestlé was reduced. We currently estimate the NAVps at €140.0, implying a 13.2% discount. This is higher than the 5yr average of 11.4%, but lower than the more relevant 2yr average of ...

Galapagos Updated NHL phase 1/2 GLPG5101 data at EHA shows decentralised POC

Galapagos will present new data from the ongoing Phase 1/2 (ATALANTA-1) study of GLPG5101 (CD19 CAR-T) at the European Hematology Association (EHA) Congress, being held 12-15 June. The results demonstrate POC for a 7 day vein-vein de-centralised CAR-T manufacturing process. Combined with the previously reported safety differentiation, we believe this could support strategic discussions as the company is exploring such options for its cell therapy business. We reiterate our Buy rating and € 37 TP.

MaaT Pharma Updated MaaT013 aGvHD EAP data at EHA shows consistent outcomes

MaaT reported updated early access program (EAP) results for MaaT013 (microbiome therapy, enema formulation) in aGvHD at EHA, being held 12-15 June. The data, which was previously shared in the abstract last month, shows that the response rates and overall survival observed in the steroid refractory and ruxulitinib resistant subset of patients (n=70) are in line with what was observed in the phase 3 ARES trial. In our view, this points to the consistency of outcomes with MaaT013 in this patient population where no current standard of care exists. With regulatory submission in Europe completed,...