Report
Luis Arredondo
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GRIFOLS: MOMENT OF TRUTH FOR AMBAR (ANÁLISIS BANCO SABADELL)

The moment of truth for AMBAR. SELL.
The company will unveil the full results of the phase III EMA and phase 2b FDA studies on AMBAR (~8% of our € 30.50/sh. T.P.) for Alzheimer at San Diego’s CTAD Congress (US). These results will be relevant, as in addition to further information it could dispel doubts on the commercial strategy (presentation of the study to the EMA/FDA and/or search of off-label use). According to our estimates, the stock is pricing in ~30% chances of success vs. 20% in our case, and thus in order to see >15% upside we should assign ~60% chances of success and necessary data will be necessary to confirm/improve the efficacy levels and greater evidence through neuroimaging and biomarkers.
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Sabadell
Sabadell

Analysts
Luis Arredondo

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