RBC ups BioArctic TP after CHMP's Alzheimer's drug recommendation

BioArctic AB

20/11/2024 09:58

** RBC raises target price for Swedish biotechnology
company BioArctic  BIOAb.ST  by 17% to SEK 340 
    ** European Committee for Medicinal Products for Human Use
(CHMP) issued positive recommendation for approval of
Alzheimer's drug Leqembi in the EU
     ** Though CHMP initially rejected the drug in July, citing
safety risks, it changed its recommendation after BioArctic
partner Eisai  4523.T  appealed
     ** RBC says the probability of approval in the EU has
increased to 100% from 10% 
     ** Brokerage also raises its 2030 global Leqembi forecast
to $6.3 billion from $5.7 billion 
    ** "The net changes to our model drive c.40% increase to
sales and earnings by 2028", it adds
     ** RBC retains its "outperform" rating

 (Reporting by Agnieszka Olenska)
 ((Agnieszka.Olenska@thomsonreuters.com;))