HanAll Biopharma
The author is an analyst for NH Investment & Securities. He can be reached at seungyeon.han@nhqv.com -- Ed.
On Sep 26, the share price of HanAll Biopharma partner Immunovant jumped by over 97% on surprise interim data from the IMVT-1402 phase I trial. Encouraging results were reported in terms of both efficacy and safety, and we see high potential for the launch of a best-in-class anti-FcRn drug.
IMVT-1402 phase I trial confirms best-in-class potential
Adhering to a Buy rating, we raise our TP on HanAll Biopharma by 27% to W37,000. Our TP hike reflects the firm’s increased pipeline value following the announcement of IMVT-1402 phase I interim data.
On Sep 26, HanAll Biopharma partner Immunovant released phase I interim data for IMVT-1402 that exceeded market expectations, resulting in its share price closing up by over 97% on the day. From the low-dose multiple ascending dose (MAD) study, for which results were originally scheduled to be announced later, encouraging data were released showing a 63% decrease in blood IgG concentration (indicating clear effectiveness) and no loss of albumin (safety). Of note, average lgG reduction was slightly superior to the rate of 59% recorded in the low-dose (340mg) cohort for batoclimab. We expect the high-dose MAD trial results, which are set to be announced in October or November of this year, to confirm superior Anti-FcRn efficacy data with an lgG reduction rate of around 80% (similar to that of batoclimab).
In contrast, the existing batoclimab alone lowers albumin by 37% starting from a low dose of 340mg (TED phase II). As unwanted albumin reduction was not observed in Immunovant’s IMVT-1402 low-dose (300mg) MAD trial, we see both solid chances for no appearance of albumin reduction in the high-dose data and stellar potential for the achieving of a best-in-class anti-FcRn drug.
If you are looking for the next lazertinib
If Janssen reports successful MARIPOSA data, market attention should naturally shift toward finding the next lazertinib. Amid a dearth of domestically developed global late-stage clinical pipelines, HanAll Biopharma’s anti-FcRn candidate stands virtually alone in terms of meeting global new drug trends.