Hyundai Motor Securities maintained its "buy" rating for Hanol BioPharma on June 1 and raised its target price from 85,000 won to 93,000 won. This adjustment is based on a reassessment of the pipeline's value following the clinical performance of the FcRn therapeutic IMVT-1402.
Research analyst Kim Hyun-seok stated, "Considering the limited competition in the market and the efficacy of the clinical data, the company is significantly undervalued."
Hyundai Motor Securities analyzed that the key indications for IMVT-1402, including thyroid eye disease (TED) and treatment-resistant rheumatoid arthritis (D2T RA), target patient groups that do not respond to existing therapies, highlighting a substantial unmet medical need.
Kim noted, "In particular, the D2T RA registration trial achieved impressive efficacy rates of 72.7% for ACR20, 54.5% for ACR50, and 35.8% for ACR70 among patients who failed two or more advanced treatments. This is comparable to the existing first-line TNF-α inhibitors and even exceeds the results of JAK inhibitors used as second-line treatments." Consequently, there is potential for FcRn inhibitors to replace existing therapies for certain patient groups.
Kim added, "The gap in corporate value compared to competitors is excessive. When compared to the market capitalization of global FcRn therapeutic competitor Azenex, Hanol BioPharma is currently undervalued."
* This article has been translated by AI.
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