Abbisko Cayman Limited, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Andrew Berens from Leerink Partners maintained a Buy rating on the stock and has a HK$18.00 price target.
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Andrew Berens has given his Buy rating due to a combination of factors including Abbisko’s recent regulatory and clinical advancements. The acceptance of the pimicotinib NDA in China for Tenosynovial Giant Cell Tumor (TGCT) and the initiation of a registrational study for irpagratinib in Hepatocellular Carcinoma (HCC) are significant milestones. Additionally, the company’s collaboration with Merck KGaA to commercialize pimicotinib in the US and EU underscores its strategic partnerships and market potential.
Furthermore, the promising clinical data for pimicotinib in Chronic Graft-versus-Host Disease (cGvHD) patients, showing a high overall response rate, highlights the drug’s therapeutic potential. The strong performance of similar therapies, like INCY’s Niktimvo, which exceeded revenue expectations, provides a positive outlook for Abbisko’s pipeline. These developments, along with the company’s guidance on future clinical plans, contribute to the optimistic projection and the Buy rating.