UBS initiated protection on Concord Biosciences Holdings Inc HRMY, a commercial-stage biopharmaceutical firm targeted on uncommon neurological issues.
The corporate’s marketed medication, Wakix (pitolisant), is authorized for extreme daytime sleepiness or cataplexy in grownup sufferers with narcolepsy.
Wakix generated web revenues of $172.8 million within the second quarter of 2024, up 29% year-over-year.
The common variety of sufferers on Wakix elevated by roughly 250 sufferers sequentially to roughly 6,550 for the quarter ended June 30, 2024.
UBS initiates with a Purchase score and worth goal of $56 on Concord. “We like Concord as a result of, in our view, continued progress is possible for Wakix,” the analyst writes.
The UBS analyst fashions a 19% ’24-’26E gross sales CAGR in comparison with a consensus of 16% and $1.2 billion peak gross sales from Wakix in narcolepsy.
“We imagine the narcolepsy market can current extra alternatives as consciousness of narcolepsy will increase the analysis price from the present ~50%,” the analyst provides.
UBS additionally writes that Wakix is well-positioned within the polypharmacy market with its differentiated profile vs. different authorized medication.
UBS notes that current enterprise improvement offers may supply helpful diversification alternatives by way of pipeline belongings.
In April, Concord acquired Epygenix Therapeutics, including a uncommon epilepsy franchise to its increasing late-stage pipeline of central nervous system (CNS) belongings for $35 million in money with the potential for funds of as much as $130 million based mostly on improvement and regulatory milestones.
“We imagine Zygel can generate constructive knowledge from the continued Part 3 trial in fragile X syndrome based mostly on its prior FXS trial outcomes and the design of the present research,” UBS writes. Information read-out is predicted in mid-2025.
Worth Motion: HRMY inventory is up 1.55% at $37.46 on the final examine on Tuesday.
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