VectivBio - INITIATION - A Shining STARS (BUY, TP $27, 3.6x upside, 47 pgs)
VectivBio is a NASDAQ-listed Swiss Biotech with a potential best-in-class phase 3 GLP-2 analogue, apraglutide. It is being studied in small bowel syndrome (SBS), a market we believe could be worth >$2bn, with one current incumbent, Gattex, which has poor tolerability & low efficacy. Apra’ has shown Proof-of-Concept at phase II and looks superior to Gattex. We are optimistic on the pivotal P3 data due by end 2023, which is a catalyst rich year. We forecast $1.2bn peak sales, with multiple upside risks including GvHD, where we assume zero. We do not expect Gattex generics to launch and VectivBio to be fully funded to 2026. Our $27 PT offers ~3.6x upside.For access to the full initiation, please contact Naresh Chouhan ( )
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