Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HYBRIGENICS SA. We currently have 4 research reports from 1 professional analysts.
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Encouraging initial CML clinical data
17 Feb 17
Hybrigenics has presented the first ever clinical data from an interim analysis of a Phase II study of inecalcitol in combination with imatinib in patients with chronic myeloid leukaemia (CML). At interim, 43% of patients who had been on treatment for three months showed improvements to baseline MMR (major molecular response). Furthermore, 33% of patients who had completed one year in the study achieved a deep molecular response (DMR). Achieving and sustaining a DMR may allow patients to discontinue treatment (functional cure). Therefore, we believe these are encouraging preliminary data that provide first clinical insights into inecalcitol’s potential in CML. The study is expected to complete in H218. Our valuation stands at €146.1m.
First patients enrolled in AML Phase II trial
06 Dec 16
Hybrigenics has started dosing the first patients in France and the US in a double-blind, placebo-controlled Phase II study in elderly or frail acute myeloid leukaemia (AML) patients. Data are expected in Q418 or H119. Additionally, an open-label Phase II study in patients with chronic myeloid leukaemia (CML) in combination with imatinib continues; an update will be provided by Q117. Hybrigenics has an R&D collaboration with Servier focused on oncology, from which it received a €1.5m milestone payment in H216. Our updated valuation is €146.1m or €4.1/share.
Pipeline on track, accounting standards shift
18 May 16
Hybrigenics reported €11.7m in cash at end 2015. This provides a runway to end 2017, funding a Phase II trial of inecalcitol in acute myeloid leukaemia (AML) in France and the US. Interim data from a Phase II study in chronic myeloid leukaemia (CML) are expected this year. Furthermore, the company has changed its accounting rules from French GAAP to IFRS; we have updated our model on this basis. This update, together with splitting inecalcitol revenues in chronic lymphocytic leukaemia (CLL) between the EU and US (reflecting different economics), increases our valuation to €137m from €120m.
Taking inecalcitol across the Atlantic
28 Jul 15
Hybrigenics is developing inecalcitol as a niche therapy in adult leukaemia. Disease progression slowed in 52% of patients treated in a Phase II chronic lymphocytic leukaemia (CLL) trial. We have increased our valuation from €108m to €143m as we assume that Hybrigenics will self-fund approval studies in leukaemia and achieve higher royalties vs our previous assumption. If the company advances inecalcitol into Phase II/III CLL studies there is upside scope to €173m.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
Panmure Morning Note 15-02-2017
15 Feb 17
With the early January trading update having prompted us to upgrade forecasts, today’s interim results show how the group’s focus on areas such as product development and international sales are translating through to growth in both the top and bottom-line. The consistency of delivery is what impresses us, reflecting the maturity of the management team and the clarity of the longterm vision. We repeat our Buy recommendation.
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
Panmure Morning Note 20-02-2017
20 Feb 17
Chi-Med has announced the initiation of a Phase II study of savolitinib in locally advanced or metastatic pulmonary sarcomatoid carcinoma (PSC) in China. This is a disease where patients are usually diagnosed by normal pathology (i.e. not via molecular diagnostics methods) but given that 20-30% of PSC patient show c-Met gene amplification this potentially represents a very rich patient pool for savolitinib as a highly selective and potent oral c-Met inhibitor. The continued strength of Chi-Med’s clinical momentum is further demonstrated by today’s news and we consider this represents further upside potential against our existing investment case. We repeat our Buy recommendation.
Discovering a sustainable model
21 Feb 17
We expect C4XD to begin to deliver commercially in 2017, following the shift in strategy away from fee for service in 2016. Over the next 12 months we expect C4XD to sign its first pre-clinical out-licensing deal, develop at least one more product line and sign at least one more strategic alliance. We believe this demonstration of the model will translate to a step up in value and we initiate coverage with a BUY recommendation and 129p price target.
AIPAC Phase IIb starts randomised component
15 Feb 17
Prima BioMed maintains its leadership in LAG-3 immunotherapies with the initiation of the randomised Phase IIb component of the AIPAC trial of IMP321 in breast cancer. In addition, the TACTI-Mel study of IMP321 combined with Keytruda in melanoma is expected to complete recruitment and report safety data in mid-2017, while the pipeline now includes a first-in-class Lag-3 agonist antibody. Initial efficacy data on the first 15 patients in AIPAC is also expected mid-year. We have revised development timelines for in-house and partnered LAG-3 programmes, which sees our valuation decrease to A$252m or A$0.12/share (vs A$282m or A$0.14/share).