reports
- Mathijs Geerts Danau
MaaT Pharma Launches capital increase for gross proceeds of € 9m ...
MaaT announced the launch of a capital increase through a private placement with qualified investors and retail investors. The company intends to raise € 9m, the funds will extend the runway to summer 2026 (previously February 2026). MaaT plans to use the proceeds to fund the company's development and commercialization of Xervyteg. Trading will be suspended until at least November 14 after market close. We view this raise as a positive and reiterate our BUY rating and € 17 TP.
- Hilde Van Boxstael
- Lynn Hautekeete
- Mathijs Geerts Danau
- Wim Lewi
UCB SA: 1 director
A director at UCB SA bought 200 shares at 216.000EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing ...
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- David Vagman
- CFA
- Maxime Stranart
UCB/Bimzelx, the best-in-disease drug in HS/BUY
We reiterate our BUY rating on UCB and increase our target price from €238 to €257 on higher expected peak sales for Bimzelx, after Moonlake's weaker-than-expected P3 results in Hidradenitis Suppurativa, as well as the successful approval of UCB's Kygevi in TK2d. We continue to view UCB's risk/reward balance as favourable, with the group pipeline accounting for only 6% of Enterprise Value. Despite some concerns regarding Bimzelx's growth trajectory over the past month, compounded by data collect...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Strong beat driven by one-offs Alfen: Bull bear fight continues bpost: 3Q25 results in line with INGF but miss vs consensus, FY25 outlook fine-tuned to top-end CM.com: Takeover offer from Bird Coca-Cola Europacific Partners: Refreshing D'Ieteren: Belron peer Driven Brands 3Q25 talks of lower Q4, choppiness in Collision and Direct Repair Exor: Ferrari reassures with strong 3Q25, improved guidance KPN: Strategy update reassures, largely in line, with solid cash returns expec...
KPN ROYAL KPN NV
WKL WOLTERS KLUWER NV
VNA VONOVIA SE
UCB UCB S.A.
DIE D'IETEREN SA
ROYAL VOPAK NV
MONT MONTEA SCA
BPOST BPOST SA
EXO EXOR N.V.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ALFEN ALFEN NV
DSC1 DUTCH STAR C SHAR
UMG UNIVERSAL MUSIC GROUP NV
VAR VAR ENERGI ASA
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Lewi
- Jacob Mekhael
MaaT Pharma Uneventful 3Q25 cash and revenues
MaaT reported uneventful 3Q25 cash and revenues, where its cash and cash equivalents came in at € 22.4m, providing the company with a cash runway until the end of February 2026. We note that continued growth in revenues from MaaT013's early access program (only billable in France) is a positive sign ahead of its potential EMA approval expected mid-2026. MaaT did not provide a pipeline update, though it has previously guided for results from the investigator initiated phase 2a (PICASSO) trial of ...
- Guy Sips
- Jacob Mekhael
- Wim Hoste
- Jacob Mekhael
UCB Secures FDA approval for Kygevvi in ultra-rare disease TK2d
UCB announced that Kygevvi (doxecitine and doxribtimine) has been granted approval by the US FDA in adults and paediatric patients living with thymidine kinase 2 deficiency (TK2d), with an age of symptom onset on or before 12 years. The approval comes in line with the company's guidance of a decision before YE25, making it the first and only approved treatment in this setting. Note that TK2d is an ultra-rare genetic mitochondrial disease with no approved therapies, and has a prevalence of 1.64 p...
- Jacob Mekhael
ASH abstracts: Autolus, Galapagos, MaaT
The abstracts for presentations at the American Society of Haematology conference (ASH, 6-9 December) became available yesterday during the day (HERE). While we may have to wait until the actual conference for the latest datasets, here in this note are some key takeaways for our coverage including updates from Autolus (new data for Aucatzyl in paediatric ALL, real world data in adult ALL, amongst others), Galapagos (additional CAR-T data in r/r MCL and r/r DLBCL) and MaaT (longer follow up from ...
- ING Helpdesk
Benelux Morning Notes
Azelis: Appointment of Boris Cambon-Lalanne as group CFO. Belgian Telecoms: Price increase on most of the non-commercialised products and Scarlet trio. D'Ieteren: Belgian October car registrations down 7%, VW down 20%. Kendrion: Results preview; launching share buyback programme. Kinepolis: Acquires US movie theatre chain Emagine Entertainment for US$105m. Kinepolis: October box office in US/Canada and France attendance drop again. Ontex: Branded activity now fully divested. Philip...
- ING Helpdesk
- Hilde Van Boxstael
- Jacob Mekhael
- Livio Luyten
- Michiel Declercq
- Thibault Leneeuw
- Wim Lewi
- Jacob Mekhael
UCB TRx noise aside, fundamentals remain strong
UCB's Bimzelx is well-positioned with strong 3-year data in HS and competitive performance across PsO, PsA, and axSpA, supporting our peak sales estimate of €5.9b by 2030. Despite premium forward P/E multiples, UCB's projected EPS CAGR (2025–2029), being >3x that of peers, means UCB continues to be an attractive name to own. Earlier in the pipeline, our deep dive into the atopic dermatitis (AD) landscape shows that phase 2a data for galovokimig is promising, with plans to advance to phase 2b. Ac...
- Guy Sips
Biotalys EPA issues proposed registration decision for Evoca
We increased our Target Price for Biotalys to € 7.5 (was €6.1) while maintaining our Buy rating after Biotalys announced that the US EPA (Environmental Protection Agency) has issued its proposed registration decision to approve its first biofungicide, Evoca. The EPA will now initiate the final phase in its regulatory review, allowing stakeholders such as growers and industry associations 15 days to provide feedback before finalizing its regulatory decision. The EPA has also posted a final rule e...
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Livio Luyten
- Lynn Hautekeete
- Thomas Couvreur
- Wim Hoste
- ING Helpdesk
Benelux Morning Notes
AB InBev: The interim is back. Arcadis: Slow return to organic growth, FCF disappoints. Ayvens: Keeping its promise. dsm-firmenich: Waiting for Godot. D'Ieteren: Boyd prelim 3Q25, $1.3bn M&A deal, NYSE listing, $780m capital increase. Flow Traders: Down but not out. Ontex: FY25F guidance confirmed despite a modestly softer 3Q25. Recticel: Weak 3Q25 but comforting outlook. Shell plc: Solid story with cash continuing to come in strongly. TKH Group: Preview - subsea remains in foc...
- Jacob Mekhael
UCB Supportive 3-year data for Bimzelx in PsA and axSpA at ACR 2025
UCB announced new 3-year data for Bimzelx in adults with active psoriatic arthritis (PsA) and axial spondyloarthritis (axSpA) at ACR 2025. The results show sustained responses in both patient groups, and appear competitive vs. other biologics e.g. Cosentyx in cross-trial comparison. Overall supportive data that should maintain Bimzelx' commercial momentum. ACCUMULATE maintained.
- Guy Sips
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Mathijs Geerts Danau
- Michiel Declercq
- Thomas Couvreur
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