MaaT Pharma Not holding back

MaaT announced a positive update in April 2023 with the lifting of the FDA hold on MaaT013, which in our view unlocks the US opportunity for the company. In addition, the microbiome space is seeing an uptick in activity with new approvals and capital raisings. As such, we revisit the case and provide a preview of the upcoming MaaT013 phase 3 ORR readout in aGvHD, being the next big trigger for the stock. We update our model, increasing our POS for MaaT013 and MaaT33, which brings us to a new TP of € 15 (from € 13). We continue to believe in MaaT's unique positioning in the microbiome space, and reiterate our BUY rating.