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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Phase III trial data barely qualified; maintaining drug approval sched...
​Reiterate BUY but cut TP to NT$232: PharmaEssentia released phase III clinical trial results of P1101 for treating Polycythemia Vera (PV) on Dec 5. P1101 met the primary endpoint, but 52-week trial results are not superior to the control arm (Hydroxyurea, HU), increasing difficulty in marketing. The company and AOP will apply for drug approval in 2017 as planned, and a Conti-PV trial is being undertaken to observe drug efficacy and adverse events (AE) on patients after two-three years of trea...
P1101 launch in 2017F a profit catalyst
​We like PharmaEssentia as 1) its first new drug P1101, a long-acting Interferon, should have positive results treating Polycythemia Vera (PV) in phase III clinical trials which will be released in 4Q16; 2) P1101 is estimated to launch in Europe & the US in 2017F, likely ushering in rapid growth; and 3) P1101, with its milder adverse events (AE), has potential to replace existing interferon products. We estimate 2016/17/18F EPS of NT$-4.5/0.83/6.13, based on capital of NT$1.96 bn. Our TP of NT...
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