reports
- Hilde Van Boxstael
- Kristof Samoy
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Thomas Vranken
UCB FIRST LOOK: Bimzelx deepens responses in HS over two years
UCB announced the first 2-year follow-up data with Bimzelx in hidradenitis suppurativa (HS). The data appears largely favourable in our view, with deepening responses across the various HiSCR endpoints. We believe Bimzelx is set to become the new standard of care in HS (pending FDA approval), and reiterate our €168 TP and Accumulate rating.
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Hoste
Umicore Revising Battery Materials scenario: lower but no exit
Whilst awaiting the outcome of the ongoing strategy review for the Battery Materials business, we decided to take a more cautious approach and cut our FY30 CAM volume estimate from 250 GWh to 200 GWh, which compares to the previous company target of 400 GWh and the previous order book of 270 GWh. We do expect Umicore to continue to invest in Battery Materials, albeit at a much lowered pace, and see room for NMC outside of China on the back of sustainability, geopolitical and security of supply r...
- Jacob Mekhael
- Michiel Declercq
- Thomas Vranken
Life Sciences Conference 26.09.2024
This conference booklet is your guide to our Life Sciences Conference set to take place on Thursday, 26 September 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or join pitch sessions with the following companies and their top management: Public: AUTOLUS | GALAPAGOS | HYLORIS | INVENTIVA | MAAT PHARMA | ONWARD MEDICAL | SEQUANA MEDICAL | UCB | ZEALAND PHARMA Private: CONFO TX | MRM HEALTH | PANTERA | SKYLINE DX
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/25/2024
Iberdrola is the strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR average annual of 17.9%). But based on the strong share's performance and the low residual upside on our target price of € 15.30, we have lowered our rating to Neutral vs Outperform. - ...
- Thomas Vranken
UCB FIRST LOOK: Post-hoc analyses further confirm Bimzelx' PsO leaders...
UCB presents additional post-hoc analyses of its 4-year pooled data for Bimzelx in PsO. Bimzelx sustains high efficacy with 87.9% PASI90 and 72.4% PASI100 in year-1 responders after 4y. Furthermore, Bimzelx also showed >70% PASI90 and >40% PASI100 after nearly 4y in patients who did not respond to Humira, Cosentyx or Stelara. We see the consistent high PASI100 as differentiator for Bimzelx, setting the benchmark for future therapies. We reiterate our € 168 TP and Accumulate rating.
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/09/2024
Iberdrola est la référence stratégique dans le secteur des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive des actionnaires (TSR annuel moyen 17.9%). Toutefois, la forte performance du titre et le faible potentiel résiduel à notre objectif de cours de 15.3 €, nous amènent à abaisser l’opinion à Neutre vs Surperformance. - ...
- Damien Choplain
- Martial Descoutures
UCB : Positive phase III for DPZ
>First phase III study of DPZ shows positive results… - UCB and Biogen yesterday published the headline results from the phase III PHOENYCS GO study evaluating dapirolizumab pegol (DPZ) in people with moderate to severe systemic lupus erythematosus. DPZ, in addition to standard treatment, met its primary endpoint by demonstrating an improvement in disease activity (BICLA test score, a standard assessment in Lupus) after 48 weeks. In addition, clinical improvements wer...
- Damien Choplain
- Martial Descoutures
UCB : Phase 3 positive pour DPZ
>La première phase III de DPZ ressort positive… - UCB et Biogen publiaient hier les résultats headlines de l'étude de Phase 3 PHOENYCS GO évaluant dapirolizumab pegol (DPZ) chez des personnes atteintes d'un lupus érythémateux systémique modéré à sévère. DPZ, en plus du traitement standard, a atteint son critère d'évaluation primaire en démontrant une amélioration de l'activité de la maladie (score test BICLA, évaluation standard dans le Lupus) après 48 semaines. De pl...
- ING Helpdesk
- Thomas Vranken
UCB FIRST LOOK: String of positive Ph3 readouts continues into SLE
UCB announced positive topline results for the first of two Phase 3 trials for anti-CD40L dapimap in systemic lupus erythematosus (SLE). SLE is a debilitating autoimmune disease, characterized by flares that could lead to organ damage. While we currently do not have topline data yet, dapimap is set to compete against GSK's Benlysta and AstraZeneca's Saphnelo and could eventually reach just below $ 1bn peak sales according to our preliminary analysis. We currently value dapimap at € 1.70 p.s., an...
- Thibault Leneeuw
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- Wim Lewi
- ING Helpdesk
- Thomas Vranken
UCB FDA's triple nod on Bimzelx
The FDA has extended its Bimzelx approval to include PsA, nr-axSpA and AS. The move follows earlier EU and Japan approvals, and widens the spectrum of Bimzelx addressable patients in the US. We anticipate € 3.8bn peak sales for Bimzelx, of which € 900m from PsA and € 450m from axSpA (nr-axSpA and AS). We raise our TP from € 161 to € 168 and move from Hold to Accumulate to anticipate additional commercial momentum.
- Hilde Van Boxstael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Lewi
- Francesca Ferragina
Cofinimmo/Just a cloud away/BUY (previously Hold)
We take a fresh look at Cofinimmo, raising our target price to €76.5 (from €71.0) and upgrading from Hold to BUY. We think the strong effort on disposals and the firm stance on dividend over the last 2 years are both shareholder friendly and epitomise “self-help”. We expect LTV to be at c.43-44% by year-end - newsflow on sales will accelerate until December, with many deals currently under negotiation, and the c.€270m disposals ambition has been recently reiterated. Deleveraging is expected to ...
Umicore S.A.: 1 director
A director at Umicore S.A. bought 4,750 shares at 10.530EUR and the significance rating of the trade was 55/100. 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 s...
Galapagos receives transparency notification from EcoR1 Capital
Galapagos receives transparency notification from EcoR1 Capital Mechelen, Belgium; 16 September 2024, 22:01 CET; regulated information – Galapagos NV (Euronext & NASDAQ: GLPG) received a transparency notification from EcoR1 Capital LLC. Pursuant to Belgian transparency legislation1, Galapagos received a transparency notification on 13 September 2024 on behalf of Mr. Oleg Nodelman and EcoR1 Capital LLC, who notified that EcoR1 Capital LLC holds 6,713,553 of Galapagos’ voting rights, consisting of 839,388 ordinary shares and 5,874,165 American Depository Receipts, further to an acquisiti...
Galapagos ontvangt transparantieverklaring van EcoR1 Capital
Galapagos ontvangt transparantieverklaring van EcoR1 Capital Mechelen, België; 16 september 2024, 22:01 CET; gereglementeerde informatie – Galapagos NV (Euronext & NASDAQ: GLPG) heeft een kennisgeving van belangrijke deelneming ontvangen van EcoR1 Capital, LLC. Overeenkomstig de Belgische transparantiewetgeving1, heeft Galapagos op 13 september 2024 een kennisgeving van belangrijke deelneming ontvangen in naam van Dhr. Oleg Nodelman en EcoR1 Capital LLC, waarin staat dat EcoR1 Capital LLC 6.713.553 stemrechten in Galapagos bezit, bestaande uit 839.388 aandelen en 5.874.165 American Dep...
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