Jun. 3 at 2:20 PM
RBC Capital reiterated
$MLTX Outperform-
$67 and says, "M&A or No M&A,
$MLTX Remains A Top Catalyst-Driven Idea"
$UCBJY $NVS $LLY INCY
RBC Capital added, "
$MLTX shares were up
post-market yesterday on unconfirmed reporting by FT that
$MRK had made a >
$3B offer to acquire
$MLTX earlier this year.
While we would not expect any deal to happen so close to the September ph.III SLK HS data, based on our data analyses, doc feedback, recent updates on ph.Ill baseline characteristics, and our latest bime Rx analysis showcasing appetite for IL-17A/Fs in HS, we continue to believe SLK's data will be robust enough (22-24% pbo-adjusted HiSCR75) to reaffirm potential competitive advantages and a key role in the
multi-
$B market - driving substantial share appreciation and crystallizing a compelling profile for both investors and potential acquirers. Reiterate OP, Spec Risk, with a
$67 PT."
