Received this 5minutes ago. Senior Analyst at Ords I believe. Hope it's not breaching any copyright.
Subject: Prima BioMed Limited (PRR - Buy / High risk) - Initiation of Coverage
Prima BioMed Limited (PRR)
Buy / High risk
Valuation: $0.53 / Last Price: $0.28
Developing the CVac vaccine for ovarian cancer
? Prima Biomed Limited (PRR) is a biotechnology company with a focus on technologies in the fields of cancer immunotherapy and immunology. It is developing a vaccine known as CVac to treat ovarian cancer and has assembled an experienced and well-regarded team to oversee the development process.
? There is a large, unmet market need in ovarian cancer treatment, and CVac is being developed to meet this need. The company has a clear strategy to develop and commercialise CVac over the next three to five years, with opportunities to expand the scope of the treatment to other types of cancer.
? A Phase III clinical trial will commence in 3Q11. It aims to recruit 800 patients and will be a pivotal study of CVac. If the trial is successful regulatory approvals will follow. OML believes that CVac, if successful, can achieve ?blockbuster? status (sales of $1 billion or more per annum), and at current prices offers an excellent opportunity to participate in this highly prospective and locally developed oncology treatment.
? Catalysts for the stock over the next 18-24 months include: 1) completion of Phase IIb recruitment (expected by 3Q11), 2) German/EU manufacturing approval (Q311), 3) completion of Phase III trial recruitment (expected by 4Q12), and 4) indicative results of the Phase IIb trial (expected by Q312). Key risks for CVac include: 1) a lack of efficacy, given the treatment is yet to be tested on a large population, 2) difficulty in scaling the manufacturing procedures, and 3) delays in the clinical trials imposed by regulatory bodies.
? OML initiates coverage with a Buy recommendation and a risk-adjusted valuation of $0.53 per share. If the data plays out favourably, we believe PRR is materially undervalued and that this value will be unlocked progressively over the coming years.
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Last
38.0¢ |
Change
0.010(2.70%) |
Mkt cap ! $551.9M |
Open | High | Low | Value | Volume |
37.0¢ | 39.0¢ | 37.0¢ | $1.296M | 3.401M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 54900 | 37.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
38.0¢ | 22008 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 2623 | 0.385 |
1 | 21052 | 0.380 |
2 | 54900 | 0.375 |
6 | 47736 | 0.370 |
3 | 108500 | 0.365 |
Price($) | Vol. | No. |
---|---|---|
0.355 | 1107 | 1 |
0.380 | 6375 | 1 |
0.385 | 50000 | 2 |
0.390 | 258081 | 7 |
0.395 | 166772 | 7 |
Last trade - 16.10pm 28/08/2024 (20 minute delay) ? |
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