Invest securities zet het koersdoel op 9 euro buy
Interessant stuk uit het rapport terug te vinden op QG site investors:
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Quantum Genomics is a biopharmaceutical company that is developing a novel therapy
to treat cardiovascular complications, such as hypertension and heart failure. The
company’s most advanced asset, firibastat, is designed to inhibit brain aminopeptidase
A (BAPA), an enzyme that is present in the brain and regulates peripheral blood pressure
through multiple pathways. Inhibition of BAPA could reduce peripheral blood pressure
and relief the symptoms of hypertension. Firibastat has already shown promising results
in the Phase 2b study by significantly decreasing the blood pressure in the high-risk
hypertensive patients, including African-American and obese individuals. We currently
expect the Phase 3 study in patients with resistant hypertension to begin in 2H19
(Exhibit 1) and firibastat to reach the market in 2023, generating risk-adjusted revenues
of €495M by 2031 (Exhibit 2). Additionally, Quantum Genomics is developing firibastat
in heart failure and the Phase 2 study is expected to begin in 1Q19 (Exhibit 1). We
currently project firibastat to reach the heart failure market in 2025, generating risk-
adjusted revenues of €103M by 2013 (Exhibit 2).
We believe that firibastat, a potentially first-in-class therapy with the positive Phase 2
results, is an attractive in-licensing asset. In our view, the recent decision from J&J to
exercise the licensing option for Idorsia’s antihypertensive drug with $230M upfront
payment indicates significant interest in this space among large pharma players. We
also believe that experienced Quantum Genomics’ executive team led by CEO Jean-
Philippe Milon is well-equipped to strike a successful partnership agreement by 1Q20.
Prior to joining Quantum Genomics, Dr. Milon managed the cardiovascular franchise at
Bayer and Sandoz, as well as served on the executive committee of Bayer, leading the
global operations of mergers and acquisitions.
In mid-2017, after Quantum Genomics released the results of the previous Phase 2a
study, the company’s stock declined by -61% (June 9, 2017 – September 9, 2017),
compared to a -0.4% decline by the broader market (CAC Mid & Small) over the same
period. We believe that this stock reset was an overreaction by the market, as the
following Phase 2b topline data showed significant clinical potential of firibastat in
difficult-to-treat population. In our view, the market was slow to appreciate the latest
positive news, opening a good opportunity to start building position in the Quantum
Genomics stock.