Salut tout le monde,
annonce le 09 janvier et ce qu'en dit KBC (Bolero) ce matin :
Breda, the Netherlands / Ghent, Belgium - argenx (Euronext Brussels: ARGX), a
clinical-stage biopharmaceutical company focused on creating and developing
differentiated therapeutic antibodies for the treatment of cancer and severe
autoimmune diseases, today announced the initiation of a Phase II
proof-of-concept study of ARGX-113 in patients with myasthenia gravis (MG).
http://pdf.reuters.com/htmlnews/htmlnew … nGNE9XJjmd
Avis de KBC qui est optimiste et relève leur obj de cours.
Intro: Today we launch a company note on argenx (36p) leading to a target
price increase from € 15.5 per share to € 19.0 per share while maintaining
our Buy rating. We primarily worked on the lead compounds ARGX-113 and
ARGX-110, updating their stage of development and implementing new market
estimates. The company is heading towards an inflection point with proof-ofconcept
results to be expected as of 2H18.
Our View: We believe ARGX-113 is argenx’ key compound at this point for the
following reasons: (1) It focuses on the IgG-mediated auto-immune market with
a unique approach to acute flare and disease management. (2) It has a logical
mode of action and clear rationale with scientific evidence in the IgG-mediated
autoimmune diseases myasthenia gravis (MG) and immune thrombocytopenic
purpura (ITP) in which it is studied, making it easy to understand. (3) It has
successfully completed its single and multiple ascending dose trials in healthy
volunteers, showing up to 85% clearance of IgG with a long duration effect
combined with a promising safety and tolerability profile. Recently, the phase
II proof-of-concept study was initiated in myasthenia gravis while the study in
immune thrombocytopenia is expected to be launched soon. We expect first
results of ARGX-113 to occur as of 2H18 (MG data). Due to an increased
probability of success combined with the additional market potential in ITP and
an attractive competitive position, ARGX-113’s value raised amounts to € 6.0
per share in our sum-of-the-parts at this point.
ARGX-110 (anti-CD70) targets the emerging cancer immunotherapy market. It
has shown proof of biological activity in subsets of T cell lymphoma (TCL)
patients and will be studied in acute myeloid leukaemia (AML) as well. A phase
I/II combo trial with romidepsin is planned to start 1Q17 in TCL patients while
a phase I/II combo trial with azacitidine recently kicked-off in AML. We expect
top line data from the study in AML as of 2H18. Note that the value in our sumof-the-parts
is lower for ARGX-110 (€ 1.8 per share) but that the upwards
potential is huge, considering the presence of CD70 overexpression in many
solid and haematological tumours. At this point, we only take the AML and TCL
market into account and leave the other indications as potential upside.
Following the company’s 3Q16 update regarding the cash position (€ 103.1m),
we expect the company to be able to finalise its proof-of-concept studies with
ARGX-113 and ARGX-110, bringing the company till around 1H19.
Conclusion: Following minor changes in various programmes (more details in
report) combined with an overhaul of ARGX-113 and ARGX-110, we increase
our target price to € 19.0 per share (up from € 15.5/sh) and stick to our Buy
rating following the current upside. We are positive on the outcome of the
various clinical studies that the company will be performing in combination with
potential new partnerships and acquiring milestones, providing trigger points
in the next 12-18 months.
Dernière modification par demat (11-01-2017 10:35:48)
