BMO slaat AFMD inmiddels hoger aan als Fate:
BMO $AFMD Preloaded AFM13 Data Opens CAR-NK Opportunity raising PT to $15 from $12
Bottom Line:
We raised our AFM13 estimates and target price to $15 from $12, as our HL probability
increases to 60% from 35%, following positive update from MDACC study in CD30+
lymphoma. We believe the early responses (100% ORR/50% CR/n=4) confirm
AFM13+cbNK cell benefit in highly refractory HL patients, as well as support preloaded
ICE therapies with NK cells as serious contenders to the rapidly growing CAR-NK space.
We believe the data validates recent collaborations with NK cell companies, NKGen and
Artiva. Benefit in CD30+ NHL is upside to our estimates.
Key Points
Strong early responses for preloaded AFM13. Updated Phase 1 data for AFM13 +NK
cells showed 100% ORR (50% CR, 50% PR) in 4 Hodgkin lymphoma patients. The
investigator-sponsored dose-escalation study at MD Anderson Cancer Center (MDACC)
evaluates cord blood-derived allogeneic NK cells preloaded with AFM13 in recurrent or
refractory CD30+ lymphomas. The first dose cohort (1x10^6 cells/kg) had two PRs and
one CR (after cycle 2), with second cohort (1x10^7 cells/kg) already showing a CR in
the first patient dosed. Safety was clean, with no CRS, neurotoxicity, or graft-versushost
disease observed. Patients were heavily pre-treated with an average of 8 (4-14)
previous therapy lines, all having failed Adcetris, Opdivo, and chemo. The cohort 2
patient had additionally failed a CD30-CART.
Data presentation at AACR next week. The detailed data for the first cohort will be
presented at 2021 AACR meeting, with the presentation available on April 13, and a
live panel discussion at 1:30PM EDT. Affimed will host a call on April 14 at 4:05pm ET to
further discuss the data (live webcast link).
Preloaded ICE therapies could compete with CAR-NKs. We believe the AFM13+NK
cell data confirms our belief that combining Affimed's innate cell engagers (ICE) with
NK cells is the natural next step for the platform. It validates recent collaboration deals
with NKGen (previously NKMax) and Artiva. We expect preloaded ICE therapies to
compete favorably with the growing CAR-NK landscape, including Fate, Nkarta, and
Celularity. We believe AFMD's value would only be limited by the pace of new targets
and ICE therapies from the pipeline. We expect partner Genentech to evaluate AFM26
(BCMA) plus NK cells to compete with BCMA CAR-Ts in multiple myeloma, which is
upside to our estimates.