New Street Research - HANSA BIOPHARMA (HNSA.ST) Hansa - New TP Reflects Slower Idefirix Ramp (Sponsored Research, TP 100SEK [220SEK])

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New Street Research

Dominic Rose ...

Naresh Chouhan

EUR 4665.00 For Business Accounts Only

Hansa - New TP Reflects Slower Idefirix Ramp (Sponsored Research, TP 100SEK [220SEK])

Despite 2023 being an eventful year for Hansa, including the advancement of several pipeline programmes, this progress has been overshadowed by the slow patient uptake in kidney transplant, pushing out the anticipated sales inflection to 2027. The company has taken steps to speed up study enrolment in the US, while preserving cash by means of the planned restructuring. In our view, Europe is likely to improve in 2024, with repeat sales expected from all key geographies. Meanwhile, the 5-year survival data has further validated Idefirix’s clinical benefits. We update our model with the latest developments and revise our TP to 100 SEK (down from 220 SEK), implying 4.3x upside. Hansa has cash runway to 2025.
For access to the full note, please contact Naresh Chouhan ( )

22/12/2023 1 EN

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HANSA BIOPHARMA

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Analysts

Dominic Rose

Naresh Chouhan

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Hansa - New TP Reflects Slower Idefirix Ramp (Sponsored Research, TP 100SEK [220SEK])

Hansa - Building A Foundation for Growth (Sponsored Research, TP SEK220, 11 pgs)

HANSA | BUY | SEK135TP One asset, multiple possibilities | Initiation of coverage

Amazon.com (AMZN, Buy, raising target to $245 from $235) AMZN 1Q24 Model Update

ATUS 1Q24 Quick Take: EBITDA and broadband trends a little worse

Wolfspeed 3FQ24: Downcycle in industrials overshadows progress in Mohawk. Buy, $44

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