H.C. Wainwright initiated coverage of AB Science (Euronext – FR0010557264 – AB) with a “buy” rating and price target of €9.00. The stock closed at €6.78 on March 27.
AB Science’s lead product, masitinib, is a first-in-class, small molecule, oral c-KitR and LYn inhibitor, highly efficient in modulating mast cells, which are an important part of both the innate and the adaptive immune systems.
Analyst Swayampakula Ramakanth writes that when mast cells are activated, they can quickly release immune mediators that induce inflammation in the local environment. Due to their role as initiators of inflammation, mast cells play a key role in wound healing, pathogen defense, and allergic response, he added.
“As a result, we believe masitinib can be used to treat a wide range of chronic inflammatory conditions and cancers,” Mr. Ramakanth said.
AB Science is currently investigating the use of masitinib for the treatment of multiple sclerosis, severe asthma; Alzheimer’s disease, pancreatic cancer and prostate cancer, across six Phase 2/3 studies, five of which are expected to report top line results in the next 12 months.
