Monday AM ASX Ann..??, page-51

Looking at Innate Pharma's European trade a short time ago. (ticker should have read IPH:FP)

* shares up 8% on SITC presentation results that we may consider a bit mundane. Market cap was ~ A$1040 million, so has gained $80 mill from the presentation. IPH demonstrated improvement as a combo vs Optivo alone (from 13% ORR to 24% in head & neck cancer, so a good benefit)

* whereas VLA's shares rose only 3% on excellent results in trials with Keytruda and Yervoy. Our cap gained only $10 mill. On a small sample, our combo with Keytruda on late-stage melanoma improved from 33% to 70% .

So there's no doubt in my mind which company's shares will show greater gain in the next few months. As mentioned, am expecting a good rise in VLA for the rest of this week with the shares hugely undervalued.