Ablynx: Opportunity knocking at the door

Caplacizumab in aTTP should report Phase III results in H2 2017e. We would expect a positive readout from this trial to definitively shift investor focus from vobarilizumab, which still has a card to play in SLE, to: 1/ the change in the company’s business model to become a biopharma and 2/ a promising pipeline, significantly undervalued at current levels and de-risked by both the presence of established partners as well as encouraging clinical results. For the latter, we see ALX-0171 in RSV-infected populations as a key value driver not reflected in the current share price. We reiterate our BUY rating and increase our FV from EUR18 to EUR22.

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