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Cardiol Therapeutics Inc
ISIN: CA14161Y2006
WKN: A2PA9E
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Cardiol Therapeutics Inc · ISIN: CA14161Y2006 · EQS - Analysts (22 News)
Country: Germany · Primary market: Canada · EQS NID: 20033
14 June 2024 02:52PM

Buy


Original-Research: Cardiol Therapeutics Inc - from First Berlin Equity Research GmbH

Classification of First Berlin Equity Research GmbH to Cardiol Therapeutics Inc

Company Name: Cardiol Therapeutics Inc
ISIN: CA14161Y2006

Reason for the research: Update
Recommendation: Buy
from: 14.06.2024
Target price: USD8.50
Target price on sight of: 12 months
Last rating change: -
Analyst: Christian Orquera

First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated his BUY rating and increased the price target from USD 3.60 to USD 8.50.

Abstract:
Cardiol Therapeutics (Cardiol) announced excellent topline data for its phase II open-label pilot US study (MAvERIC-Pilot) of the lead drug candidate CardiolRx for the treatment of recurrent pericarditis (RP) in 27 patients. CardiolRx's efficacy on two key endpoints is very similar in magnitude of improvement to that demonstrated in phase II/III trials by the immunosuppressive biologic therapy rilonacept (Arcalyst), which is FDA-approved and currently used as a third-line treatment of RP. Critically however, CardiolRx's tolerability and side effect profile is expected to be much more favourable than rilonacept which has risks typical of immunosuppressants, i.e. serious infection. Subject to approval, we therefore expect CardiolRx to be used as a second-line therapy in RP. In 2023 rilonacept generated USD233m of sales in its third year since FDA approval. Given CardiolRx's efficacy, tolerability and side effect profile, we believe the drug has the potential to substantially exceed this figure. We have updated our sum-of-the-parts valuation model to reflect the progress made and the potential expansion into the EU market, resulting in a higher price target of USD8.50 (€7.80), previously: USD3.60 (€3.30). We reiterate our Buy recommendation.

First Berlin Equity Research hat ein Research Update zu Cardiol Therapeutics Inc. (ISIN: CA14161Y2006) veröffentlicht. Analyst Christian Orquera bestätigt seine BUY-Empfehlung und erhöht das Kursziel von USD 3,60 auf USD 8,50.

Zusammenfassung:
Cardiol Therapeutics (Cardiol) gab hervorragende Daten für die Phase-II Open Label-US-Pilotstudie (MAvERIC-Pilot) seines Hauptarzneimittelkandidaten CardiolRx für die Behandlung von rezidivierender Perikarditis (RP) bei 27 Patienten bekannt. Die Wirksamkeit von CardiolRx in Bezug auf zwei wichtige Endpunkte ähnelt in ihrem Ausmaß der Verbesserung, die in Phase-II/III-Studien mit dem immunsuppressiven Biologikum Rilonacept (Arcalyst) nachgewiesen wurde, das von der FDA zugelassen ist und derzeit als Drittlinienbehandlung von RP eingesetzt wird. Entscheidend ist jedoch, dass das Verträglichkeits- und Nebenwirkungsprofil von CardiolRx wesentlich günstiger sein dürfte als das von Rilonacept, das die für Immunsuppressiva typischen Risiken, d.h. schwere Infektionen, aufweist. Vorbehaltlich der Zulassung erwarten wir daher, dass CardiolRx als Zweitlinientherapie bei RP eingesetzt werden wird. Im Jahr 2023 erzielte Rilonacept im dritten Jahr nach der FDA-Zulassung einen Umsatz von USD233 Mio. Angesichts der Wirksamkeit, der Verträglichkeit und des Nebenwirkungsprofils von CardiolRx glauben wir, dass das Medikament das Potenzial hat, diese Zahl deutlich zu übertreffen. Wir haben unser Sum-of-the-parts-Bewertungsmodell aktualisiert, um den erzielten Fortschritten und der potenziellen Expansion in den EU-Markt Rechnung zu tragen, was zu einem höheren Kursziel von USD8,50 (€7,80) führt. Vorher: USD3,60 (€3,30). Wir bekräftigen unsere Kaufempfehlung.

Bezüglich der Pflichtangaben gem. §85 Abs. 1 S. 1 WpHG und des Haftungsausschlusses siehe die vollständige Analyse.

You can download the research here:
http://www.more-ir.de/d/30033.pdf

Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com

-------------------transmitted by EQS Group AG.-------------------

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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