Wilson Therapeutics (No_rec, TP: SEK) - Discontinuing coverage

We have discontinued coverage of Wilson Therapeutics. Our last published recommendation, target price and estimates should no longer be relied upon.

1 director sold

Two Directors at Wilson Therapeutics Ab bought/sold 91,500 shares at 232.000SEK. The significance rating of the trade was 100/100. 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 la...

Northern Lights

Wilson Therapeutics (No_rec, TP: SEK) - Alexion bids SEK232/share for ...

This morning it was announced that Alexion Pharmaceuticals had placed a bid (recommended by the BoD and supported by the main owners) of SEK232 per share in cash for Wilson Therapeutics. The bid price represents a premium of c70% on yesterday’s close and a c90% premium on the volume-weighted 90-day average price. Since the bid has been accepted by a large proportion of owners, there should be a high likelihood that the bid succeeds.

Northern Lights

Wilson Therapeutics (Buy, TP: SEK195.00) - CMD: no new news...for now

Wilson Therapeutics hosted its first CMD on 21 March. From our perspective, there was no major news, but the event gave new investors good insight into the company and the therapeutic niche it is addressing. In our view the next share price catalyst will be the Late Breaker session at the EASL meeting in Paris in April, where the company is due to present 72-week follow-up data from the phase II trial. We reiterate our BUY recommendation and SEK195 target price.

Northern Lights

Wilson Therapeutics (Buy, TP: SEK195.00) - First patient included in F...

Wilson Therapeutics’ reported Q4 earnings loss was in line with our expectations and, in our view, the Q4 report was a non-event. The next potential catalyst for the share should be the upcoming CMD in March and the announcement that the pivotal phase III trial (FOCuS) has completed enrolment (we expect this in mid-2018). We reiterate our BUY recommendation and SEK195 target price.

Wilson Therapeutics (Buy, TP: SEK195.00) - Focus on FOcuS going forwar...

Wilson Therapeutics reported Q3 2017 earnings (loss) on 23 November. The report in itself was a non-event as expected. The actual loss in the quarter was somewhat lower than we had anticipated but this was mainly due to volatility in external R&D expenses. We believe focus going forward should be on the upcoming phase III trial for WTX101 called FOcuS. We reiterate our BUY recommendation and SEK195 target price.

Looking good for phase III

Yesterday we hosted a conference call with Dr Michael L. Schilsky from Yale University Medical Centre, who is one of the lead investigators in the recently concluded phase II trial of WTX101 and one of the investigators in the upcoming phase III trial FOcuS. We reiterate our BUY recommendation and SEK195 target price for Wilson Therapeutics.

WTX101 moving forward

The company is due to initiate FOCuS, its pivotal WTX101 phase III trial later this year, with the first patient planned to be treated early-2018. The treatment time has been set at 48 weeks, with primary end-points focused on a reduction in copper levels. We believe the company has a high likelihood of succeeding with its WTX101’s development, and we reiterate the BUY recommendation while we have raised our target price to SEK195 (SEK125) on our view of an increased LOA.

Moving towards start of phase III

The Q2 operating loss was slightly larger than we had expected, to a large extent due to higher non-cash costs for option-based incentive programmes, but also due to an increase in R&D spend, which is trending up in the approach to the start of the WTX101 phase III trial in H2 2017. We keep our BUY recommendation but have trimmed our target price to SEK125 (SEK135) after adjusting the USD FX rate in our model.

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