On Friday Vicore presented its latest Covid results. “On coming Sunday, Vicore’s data was presented by key opinion leader Toby Maher, for the first time at a scientific congress. Therefore, we believe that many new eyes will learn about Vicore results” Pareto analyst says
Vicore is very cheap for what they are acheving. We are long before next week catalyst.
My summary of Pareto note
|Continued unprecedented lung capacity increases in IPF patients|
|Vicore Pharma announced that it continues to observe the same unprecedented trend in idiopathic pulmonary fibrosis (IPF) patients treated with Vicore’s drug C21 (an angiotensin type 2 receptor agonist), as reported at the interim analysis in February 2022. |
Vicore specified that they continue to see first stabilization, followed by lung capacity increases from week 18 on to week 36 (the end of a patient’s study course in the phase 2 AIR trial) – and all that without any side effects.
Pareto notes that no other drug, neither the two on the market from Boehringer Ingelheim and Roche, nor the several ones in development have reported data even close to that.
On Sunday, Vicore’s data was presented by key opinion leader Toby Maher, for the first time at a scientific congress. The data is presented directly after Boehringer Ingelheim presents data from their new drug BI 1015550 (a phosphodiesterase 4B inhibitor), which shows “the common” profile of IPF drugs.
Pareto believes that many new eyes will learnt about Vicore and its differentiated approach – triggering regeneration vs. inhibiting one-three fibrotic factors which does not address the complexity of IPF and affects physiological process and thus has been both ineffective and toxic.
Vicore further intends to release a bigger data set with graphs etc. by Q4 (we estimate in October, latest end of November).
Pareto also expect the readout of the COVID-19 phase 3 trial in the coming two months.
With these highly positive developments Paret reiterated Buy rating on VICO with a target price of SEK 97.
We wrote about Vicore last week on our blog.
We are long the following pharma stocks
Vicore, Biovica, Bioinvent, Calliditas, Sedana, Eiger and Ascelia. We have increased our position in Vicore and Calliditas in last two weeks.
Vicore and Bioinvent are included in Pareto Top 10 ideas from Sweeden for September. Coments from Pareto below:
Vicore Pharma – BUY, TP SEK 97
VICO is trading +110% YTD and is poised to continue much further in the coming month + Q4. Why? We expect (positive) major catalysts in September b g g V c ’ c c c m b (F) RCg Bc ( mb), Vc’ b
Boehringer Ingelheim (a large pharma competitor with, in our view, inferior data). We will follow the congress and update with our conclusions thereafter. Further, we expect data from a few more IPF patients, likely around the congress and possibly even more data a bit later (simply because the data becomes available from the open-label trial as time is passing). In addition, we expect the readout of the COVID-19 phase 3 study within September/October. Drug sales in IPF reached around USD 4 bn last year, comprised of two drugs, one from Roche (Esbriet) and one from Boehringer Ingelheim (Ofev). Despite the two drugs on the market, the median survival after diagnosis is 3- ( g g c g c ) V c ’ g,
first time ever, has shown gain in lung functions in IPF patients that reached the hundreds of millilitres / instead of short-mbz ccm Tccm bVc’g
February 2022 readout drug showed a lung function gain of +251mL at week 24 & +751 mL at week 36 – unprecedented and we believe this will soon be further reinforced.
Bioinvent – BUY, TP SEK 115
Closing Q2 with liquid funds of SEK 1.2 bn + SEK 536m from the Exelixis milestone payment and the latest directed issue to specialists like Forbion (so total of SEK 1.7 bn), BINV is among the best capitalized biotech companies in Europe backed by one of the best shareholder bases. After a series of positive clinical trial data in both liquid and solid tumours in 2021 and 2022, BioInvent is set to simply continue doing so in September. We expect a major catalyst for the month, with the most exciting (based on scientific rationale and in-vivo & human PK/PD data) program BI-1808 (TNFR2 targeting antibody) having its first safety and efficacy data (safety was confirmed in the Q2 report when scrolling to the program). Based on our scientific due diligence, we expect the program to have a high chance to show anti-tumor effects in the upcoming first glance at clinical data. Additional clinical data releases are likely around ASH conference in early December.
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