Patrick Trucchio, an analyst from H.C. Wainwright, reiterated the Buy rating on Faron Pharmaceuticals Oy (FARN – Research Report). The associated price target remains the same with £10.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors, primarily centered around the promising clinical data from Faron Pharmaceuticals’ BEXMAB trial. The updated analysis presented at the MDS 2025 conference highlighted bexmarilimab’s potential in treating relapsed/refractory myelodysplastic syndrome (MDS), showing a median overall survival significantly higher than historical standards. Additionally, the trial results indicated substantial reductions in bone marrow blasts and improvements in transfusion independence, with the treatment being well-tolerated and free from severe adverse effects.
Furthermore, the mechanism of bexmarilimab, which targets the Clever-1 receptor to reprogram macrophages and enhance immune response, is particularly compelling in the context of MDS. The biomarker analysis supports this mechanism, showing increased immune activation markers in the bone marrow. These findings suggest that bexmarilimab could be a differentiated immunotherapy with potential for registration in both relapsed/refractory and frontline high-risk MDS settings. The valuation approach, incorporating a discounted cash flow and sum-of-the-parts analysis, further supports the Buy rating with a price target of £10, despite acknowledging the associated risks in clinical development and market competition.