Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TRANSGENE SA. We currently have 3 research reports from 1 professional analysts.
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Combination trials start, FY16 results
24 Mar 17
Transgene has announced the initiation of two clinical trials of its main assets in combination with immune checkpoint inhibitors (ICIs). A Phase I trial of oncolytic virus Pexa-Vec in combination with Yervoy in solid tumours has started. Additionally, a Phase II study of the therapeutic vaccine TG4010 with Opdivo in second-line advanced lung cancer has started at UC Davis in collaboration with Bristol-Myers Squibb; initial results from both trials are expected later this year. Cash and equivalents at end 2016 amount to €56.2m. Our updated valuation is €204m or €3.6/share.
Combinations define strategy
21 Sep 16
Transgene has further expanded on its new strategy announced in January 2016 and clarified timelines for combination trials of its product candidates with immune checkpoint inhibitors. Six clinical trials are due to start before 2017 year end; its lead product candidates, Pexa-Vec (oncolytic virus) and TG4010 (therapeutic vaccine) in combination with Yervoy and Opdivo respectively should start phase II trials by year end. Restructuring in 2015 has significantly reduced costs and it is now financed through major inflection points in 2017. HY16 net cash of €33.4m includes short-term financial assets. We value Transgene at €4.40/share (€169.5m).
Worth a fresh look
13 Apr 16
Transgene has successfully completed a major restructuring programme and secured fresh financing (up to €30m from the EIB and Institut Mérieux), which puts it in a strong position to advance its promising immunotherapy technologies once more. The focus is on conducting new Phase I/II studies for Pexa-Vec (oncolytic virus) and TG4010 (MUC1 cancer vaccine) in combination with immune checkpoint inhibitors, an eagerly anticipated approach for hard-to-treat cancers. Partner SillaJen has started a Phase III trial with Pexa-Vec for liver cancer. We re-initiate coverage of Transgene with a base-case valuation of €160m or €4.15 per share.
20 Apr 17
Although the last two months have seen a broadly neutral performance from the UK healthcare sector compared to a significantly more volatile 6 months prior, we continue to expect macro-events and increased geo-political risk to result in an overall neutral performance from the sector over the next period. However, company specific news is likely to drive a strong outperformance from selected mid-market companies. We retain our neutral sector stance whilst highlighting those we expect to outperform.
Positive top-line results in first iclaprim phase III clinical trial (REVIVE-1)
18 Apr 17
Motif Bio (LSE: MTFB, NASDAQ: MTFB), a late clinical stage antibiotic development company, announced positive results this morning in the first of its two iclaprim phase III clinical trials, REVIVE-1, comparing iclaprim to vancomycin in the treatment of acute bacterial skin and skin structure infections (ABSSSI). Iclaprim, a next-generation antibiotic targeting an underutilised mechanism of action which causes rapid killing of bacteria, is being developed for the treatment of serious and life threatening bacterial infections. On the key primary endpoint in the study, early clinical response at 48-72 hours after drug treatment began, 80.9% of patients on iclaprim achieved a positive response compared to 81.0% of patients on vancomycin, well within the 10% non-inferiority margin required by the FDA. Iclaprim was also shown to be safe and well-tolerated compared to vancomycin. With these positive results from REVIVE-1 we have increased the probability of success for the iclaprim development program from 65% to 75% raising our risk-adjusted NPV for Motif Bio to almost £240m or 122p per share (previously £210m and 107p per share).
N+1 Singer - Sinclair Pharma - EBITDA upgrade for 2017, but lower TP due to warranty claim and costs
19 Apr 17
We have updated product-level forecasts and included the £10m SVB debt facility and £5m warranty claim settlement with Alliance Pharma in our forecasts. The 6.3% upgrade to our FY2017 sales estimate (from £46.0m to £48.9m) brings expected EBITDA profitability forward by one year (to FY2017 from FY2018). We remain positive on the ongoing rollout of Silhouette Instalift® in particular and retain our Buy recommendation. However, higher expected sales & marketing costs and the warranty claim weigh on our valuation: we downgrade our target price from 42p to 37p.
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
06 Apr 17
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
Positive REVIVE-1 Phase III study data
18 Apr 17
Motif Bio (MTFB) has announced positive top-line results from REVIVE-1, its global Phase III study comparing iclaprim to vancomycin in patients with acute bacterial skin and skin structure infections (ABSSSI). Iclaprim achieved the primary endpoint of non inferiority when compared to vancomycin, in both the early time point and test of cure endpoint. Iclaprim offers clinical advantages over existing hospital antibiotics that include the avoidance of renal toxicity, fixed dosage regimen and early response indications. With data from REVIVE-2 due out in H2 2017 we maintain our 125p price target and Buy recommendation.