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EUR 200.00
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Following the release of the complete AMBAR study (phase III/2b for Alzheimer’s), confirming the efficacy levels with new neuroimaging data and the company’s push to obtain regulatory approval from the FDA as well (which it will involve in the design and clinical development of the new trials), we raise the probability of success of AMBAR up to 70% (vs. previous 20%), raising our T.P: +23% to € 37.30/sh. (+22% upside) and changing our recommendation to BUY. Despite the rise YtD (+24% vs. the IBEX), the downside risks to our valuation are small, even without including AMBAR (our T.P. excluding AMBAR would be € 28.75/sh., only -6% below its share price).
GRIFOLS: MORE REASONS TO BELIEVE IN AMBAR (ANÃLISIS BANCO SABADELL)
More reasons to believe in AMBAR. We raise the probability of success to 70% and change our recommendation to BUY.Following the release of the complete AMBAR study (phase III/2b for Alzheimer’s), confirming the efficacy levels with new neuroimaging data and the company’s push to obtain regulatory approval from the FDA as well (which it will involve in the design and clinical development of the new trials), we raise the probability of success of AMBAR up to 70% (vs. previous 20%), raising our T.P: +23% to € 37.30/sh. (+22% upside) and changing our recommendation to BUY. Despite the rise YtD (+24% vs. the IBEX), the downside risks to our valuation are small, even without including AMBAR (our T.P. excluding AMBAR would be € 28.75/sh., only -6% below its share price).
Underlying
Grifols (GRF SM)
Provider
Sabadell
Luis Arredondo
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