Fly News Breaks for February 25, 2020
Feb 25, 2020 | 11:40 EDT
Citi analyst Mohit Bansal said that Alexion management reported during a broker conference this morning that the company will not be moving forward with ABY-039 after a review of the drug's preliminary Phase 1 data given risks of immunogenicity associated with bacterial sequences. He believes this removes a "key" 2020 catalyst that some investors were looking toward, adding that ABY-039 was "closely watched because it would have been a truly [subcutaneous] due to its smaller size." The analyst, who keeps a Buy rating on Alexion shares, continues to think the stock needs near-term catalysts to drive multiple expansion and shift the narrative away from Soliris competition. Bansal also noted that Alexion has another anti-FcRn candidate, ALXN1830, though "investors are less excited by this asset."
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