H.C. Wainwright analyst Yi Chen reiterated a Buy rating on Formycon AG today and set a price target of €40.00.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Yi Chen has given his Buy rating due to a combination of factors, primarily highlighting Formycon AG’s strategic partnerships and advancements in their biosimilar portfolio. The recent exclusive licensing and supply agreement with MS Pharma for the commercialization of FYB206 in the MENA region marks a significant milestone, as it is the first licensing deal for this Keytruda biosimilar. This agreement not only provides Formycon with upfront remuneration but also potential milestone payments and a share of the gross profits, indicating a promising revenue stream.
Additionally, Formycon’s collaboration with NTC s.r.l. for FYB203 in Italy further strengthens its market presence, with Formycon benefiting from royalties and service payments. The technical proof of similarity achieved by FYB208 to Dupixent suggests a streamlined path to approval without the need for a Phase 3 clinical trial, potentially accelerating its market entry. These strategic developments, coupled with the robust market potential of their biosimilars, underpin Yi Chen’s optimistic outlook and Buy rating for Formycon AG.
In another report released on November 24, Berenberg Bank also maintained a Buy rating on the stock with a €30.00 price target.