Uit het Jeffries rapport van 5 januari over Ablynx (koersdoel 21 euro):
This year we highlight six top picks within our coverage universe (Ablynx, AC Immune, Advanced Accelerator Applications, Genmab, NeuroDerm, and Shire), plus two biotechs with compelling risk-reward from upcoming binary events (Bavarian Nordic and Cassiopea). Our least preferred stock is UCB. For investors seeking a diversified approach to investing in the sector we highlight PureTech.
Top biotech picks – still attractive valuations and catalysts
? Ablynx (ABLX BB, €10.7) – We still believe impressive Phase II TITAN caplacizumab results in rare blood disorder aTTP are a potential game-changer for Ablynx. Phase III results are expected by 4Q17E for a potential 1H19E US launch, with EU filing for conditional approval planned during 1Q17E for possible roll-out to begin from 1H18E. The ALX-0171 Phase IIb dose-ranging efficacy study in infants hospitalised with RSV infection is expected to start during 1Q17E for data around 1H18E. Whilst AbbVie’s (ABBV, $62, Buy) decision not to opt-in to the RA indication for vobarilizumab (anti-IL-6R) was disappointing, Ablynx is planning future development in parallel with seeking a new partner, a key potential catalyst for 2017E. Regulatory end-of-Phase II meetings are expected to take place during 1H17E, with the intention of starting a Phase III study by YE17E, subject to partnering. Finally, progress in other key collaborations with Merck (MRK, $60, Underperform), Merck Serono (MRK GR, €101, NC), and Boehringer (private) could also provide catalysts for the shares, particularly the broad immuno-oncology deal with Merck that may drive significant upside.