HALISTER1: AB Science Slides After EMA Rejection, Uncertainty to Last: Oddo

AB Science Slides After EMA Rejection, Uncertainty to Last: Oddo

(Bloomberg) -- AB Science falls as much as 10% after the French biopharmaceutical company said the European Medicine Agency’s Committee for Medicinal Products adopted a negative opinion on its experimental masitinib drug being developed to treat mastocytosis.
  • Shares trade at EU10.81, down 7.9%, as of 10.29am CET
    • Trading volume is 2.5x 3-month daily avg
  • EMA decision no surprise but uncertainty to last at least until 4Q, Oddo analysts Sebastien Malafosse and Pierre Corby write in note to clients
    • Rate stock reduce with PT EU5
  • EMA decision shows ANSM isn’t the only agency with limited confidence in the quality of AB Science’s data
  • Company indicated it expects re-examination in 4Q; time frame may be optimistic as EMA may take longer
    • Group may struggle in the meantime to quash doubts about the quality of its clinical studies; as things stand, only the ALS indication looks likely for registration
  • Share price could rise slightly in the course of the session with the presentation of detailed data on ALS at 2:15pm to the ENCALS 2017 congress in Slovenia
  • NOTE: AB Science Plunges After Regulator Suspends French Drug Trials
To contact the reporter on this story: Roxana Zega in Zurich at rzega@bloomberg.net To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net Angela Cullen

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AB FP (AB Science SA)

People
Pierre Corby (Oddo & Cie)
Sebastien Malafosse (Oddo & Cie SCA)

Topics
May Move Equities
Top Midcap Coverage

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283