reports
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Not much has changed over the past week when looking at the MSCI ACWI and S&P 500, with prices generally trending sideways and no material changes in our primary breadth indicators. Therefore, our outlook remains positive given breadth and price action improvements on both the ACWI and S&P 500 relative to mid-April (both developments that we highlighted in the 5/17/18 International Compass). • Major themes: Opportunities within Health Care and Materials. Price and relative strength trends con...
EFERT ENGRO FERTILIZERS
UPM UPM-KYMMENE OYJ
WFT. WEST FRASER TIMBER CO. LTD.
MOR MORPHOSYS AG
1326 FORMOSA CHEMICALS & FIBRE CORPORATION
MX. METHANEX CORPORATION
OXB OXFORD BIOMEDICA PLC
ABC ABCAM PLC
AMP AMPLIFON S.P.A.
BERGEPAINT BERGER PAINTS INDIA LIMITED
VCT VICTREX PLC
CFP CANFOR CORPORATION
REC RECTICEL SA
IFP/A INTERNATIONAL FOREST PRODUCTS LTD. CL A
METSB METSA BOARD OYJ CLASS B
4617 CHUGOKU MARINE PAINTS LTD.
COH COCHLEAR LIMITED
1312 GRAND PACIFIC PETROCHEMICAL CORP.
4612 NIPPON PAINT HOLDINGS CO.LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
NMC NMC HEALTH PLC
OCI OCI NV
DIM SARTORIUS STEDIM BIOTECH SA
CRDA CRODA INTERNATIONAL PLC
069260 HUCHEMS FINE CHEMICAL CORP.
4403 NOF CORPORATION
4091 NIPPON SANSO HOLDINGS CORPORATION
3861 OJI HOLDINGS CORP.
4046 OSAKA SODA
4078 SAKAI CHEMICAL INDUSTRY CO. LTD.
7459 MEDIPAL HOLDINGS CORPORATION
4203 SUMITOMO BAKELITE CO. LTD.
9987 SUZUKEN CO. LTD.
8129 TOHO HOLDINGS CO. LTD.
4043 TOKUYAMA CORPORATION
1313 UPC TECHNOLOGY CORP.
PIDILITIND PIDILITE INDUSTRIES LIMITED
BIOT BIOTAGE AB
4503 ASTELLAS PHARMA INC.
FIBR3 FIBRIA CELULOSE S.A.
- Thomas J. Schiessle
Kapitalerhöhung für ADS- Börsengang in den USA – US-$ 239 Mio. Br...
Unter Führung von Goldman Sachs, J.P. Morgan Securities und Leerink Partners platzierte das Konsortium wie geplant 8,30 Mio. American Depositary Shares ("ADS") - + Greenshoe- zu US$ 25,04/ADS, die 1/4 einer MorphoSys-Stammaktie entsprechen. Dem ADS-Angebot zugrunde liegt eine Kapitalerhöhung in Höhe von 2,075 Mio. neuen MOR-Stammaktien. Die frischen Mittel in Höhe von > € 180 Mio. werden in die eigene F&E und insbesondere die Weiterentwicklung von MOR 208 und seiner möglichen späteren Vermarktun...
- Thomas J. Schiessle
2017- Frequenter Newsflow – neuer Investmentcase
Das Gewicht der Eigenentwicklungen wird seit Jahresbeginn spürbar steigen. MOR ist auf dem Weg zum vollintegrierten Pharma-Unternehmen. Unter anderem mit dem Ziel mittelfristig Nachschub für die eigene Pipeline (Q1/17: 6 Klinik-Tests) zu entwickeln, wurde 2016 mit dem Dermatologie-Spezialisten LEO Pharma eine zusätzliche Multi-Target-Kooperation gestartet. 2017 könnten noch aus bis zu 35 verschiedenen klinischen Studien Ergebnisse/Daten einen frequenten Newsflow erzeugen. Der wesentliche Wer...
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...
- Thomas J. Schiessle
2016 wie geplant – ab 2017ff dann MOR 2.0
Es wird deutlich, dass ab 2017 das Gewicht der Eigenentwicklungen (und der Einnahmen daraus) spürbar steigen wird. Ein Scientific Advisory Board wurde in 9/16 gegründet und hochrangig besetzt! MOR ist auf dem Weg zum vollintegrierten Pharma-Unternehmen. Mit dem Ziel mittelfristig Nachschub für die eigene Pipeline (14 Projekte; davon 5 Klinik-Tests) zu entwickeln, wurde mit dem Dermatologie-Spezialisten LEO Pharma eine zusätzliche Multi-Target-Kooperation gestartet. Zuvor, sprich noch 2016, ...
- Thomas J. Schiessle
Guselkumab in Phase 3 erfolgreich – Zielkurs steigt
​Der therapeutischen Antikörper Guselkumab von Partner Janssen erreichte in der zulassungsrelevanten VOYAGE 1(Ph 3)-Studie (fortgeschrittene Psoriasis) entscheidende Studienendpunkte! Janssen plant die ersten Dokumente (+ künftige Ergebnisse aus den VOYAGE 2- und NAVIGATE-Studien) bei EMA und FDA noch 2016 einzureichen. Die Projekt- bzw. die Unternehmensbewertung steigt u.E. um ca. € 1,70/Aktie
Bimagrumab (noch?) nicht erfolgreich – F&E-Arbeit auf Rekordniveau
​Der therapeutischen Antikörper Bimagrumab von Partner Novartis erreichte in einer Ph 2b/3-Studie in sIBM nicht den primären Ph 2b/3-Endpunkt (ergänzende Datenauswertung läuft; das Projekt ist nicht aufgegeben)! Q1/16 war wie erwartet;
Outlook: Proprietary Development front and centre
MorphoSys is a biotechnology company developing antibody-based therapeutics for an array of indications. It is transitioning from a model of partnering early-stage leads to a proprietary development company. In 2015, research and development on these programmes increased by 61% and management guided to an additional 40% increase in 2016. This coincides with the maturation of its Partnered Discovery programmes, the first of which is expected to generate revenue in 2017.
Update: MOR208 and MOR202 data at ASH
At the American Society of Hematology (ASH) annual meeting, compelling early combination data on MOR208 and MOR202 were presented. MOR208 with lenalidomide in previously untreated chronic lymphocytic leukemia (CLL) patients demonstrated a 100% (four/four) response rate in evaluable patients. In the relapsed/refractory CLL population, the combination demonstrated a 43% (3/7) response rate. MOR202 in combination with lenalidomide or pomalidomide demonstrated a 50% (three/six) response rate in rela...
QuickView: Shifting focus to internal pipeline
MorphoSys is in the process of transforming itself into a fully integrated biopharmaceutical company by focusing on its proprietary programmes rather than those of its partners. The company will commence Phase II trials for MOR208 in diffuse large B-cell lymphoma (DLBCL) and chronic lymphocytic leukemia (CLL) over the next six months, with a Phase III trial in DLBCL expected to start in 2017. MOR202 Phase I/IIa trials in multiple myeloma (MM) are ongoing with a Phase III expected to commence in ...
Update: Getting aggressive on its pipeline
MorphoSys recently communicated its plans for its proprietary pipeline, which will help transform the company into a fully integrated biopharmaceutical company. It will be commencing Phase II trials for MOR208 in diffuse large B-cell lymphoma (DLBCL) and chronic lymphocytic leukaemia (CLL) over the next six months, with a Phase III trial in DLBCL expected to start in 2017. MOR202 Phase I/IIa trials in multiple myeloma (MM) are ongoing with a Phase III expected to commence in 2017.
Update: A first glimpse of MOR202's potential
Preliminary data from the Phase I/II study in multiple myeloma (MM) with MOR202 were promising and support our view that Celgene returned the rights to the antibody for strategic reasons. It is too soon to make meaningful comparisons to the other CD38 antibodies in development, but that should start to become possible when more data are presented at ASH. There were also more Phase II data with MOR208 presented at ASCO, which further confirmed its potential in non-Hodgkin's lymphoma (NHL).
Update: Moving beyond antibodies
MorphoSys’s acquisition of Lanthio Pharma adds a promising product due to enter Phase I in 2016 and diversifies its portfolio beyond antibodies. The lead product MOR107 is being developed for nephropathy and fibrosis; large indications with limited treatment options available. MOR107 is also a lanthipeptide, which promises to combine the benefits of monoclonal antibodies and small molecules. The acquisition also positions MorphoSys as a leader in the field of peptide therapeutics.
Update: Back to plan A
MorphoSys and Celgene have ended their co-development alliance for MOR202. This has no immediate impact on MOR202's development, and initial data from the Phase I/II in multiple myeloma will be reported at ASCO at the end of May. Meanwhile, MorphoSys is planning a head-to-head study with MOR208 against rituximab in diffuse large B-cell lymphoma (DLBCL). The company had a setback with Roche ending one of two trials with gantenerumab in Alzheimer's disease. We value MorphoSys at €1.76bn.
Outlook: Expanding its prospects
The licensing deal to co-develop MOR209 in castration-resistant prostate cancer (CRPC) with Emergent Biosolutions adds another high-potential antibody to MorphoSys’s proprietary pipeline. Meanwhile, the expansion of the MOR202 Phase I/II trial delays study completion, but optimises the antibody’s market positioning. Phase II data with MOR208 highlights its potential in subgroups of non-Hodgkin’s lymphoma (NHL). There are now 18 antibodies in its partnered pipeline, and J&J has recently adv...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.