Roth Capital Partners initiated coverage of Oxurion (Euronext Brussels:OXUR) with a “buy” rating and price target of €9. The stock was recently quoted at €2.41.
“Our investment thesis is based on our understanding of the large commercial potential of treating retinal disease and particularly diabetic retinal diseases with vascular endothelial growth factors (VEGF)-independent targets; our positive outlook on Oxurion’s pipeline candidates (THR-149 and THR-687) that aim to inhibit validated targets in retinal disease progression; and a management team experienced in developing and commercializing retinal disease therapies,” writes analyst Zegbeh Jallah.
The current standard of care and frontline therapy for retinal diseases are anti-VEGFs, but 30% to 50% of patients are poor or non-responders to anti-VEGF. Oxurion is focused on addressing this very large market of nonresponding, or poor-responding patients with its current pipeline candidates. “Thus, we believe that Oxurion has multiple shots on goal that could potentially change the retinal disease treatment paradigm in a population of non- or poor-responding patients,” she added.
With two candidates currently in the clinic, Ms. Jallah said 2020 should be a pivotal year for Oxurion. Investors can expect to see THR-687’s first-in-human, Phase 1 dose-escalation and safety data in diabetic macular edema (DME) patients in early 2020, she said. The company also plans to initiate the Phase 2 study of THR-149 in DME during the first half of 2020.
