NH Investment & Securities raised its target price for Hanol Biopharma from 76,000 won to 98,000 won on August 20, reflecting the increased corporate value of its partner Immunovant (IMVT) and the commercialization potential of IMVT-1402. The investment recommendation remains a 'buy.'
Han Seung-yeon, a researcher at NH Investment & Securities, stated, "Hanol Biopharma is essentially the only domestic licensed-out new drug receiving a clear valuation in the 10 trillion won range in the local market," adding, "This visit confirmed the high commercialization confidence of Roivant's CEO."
He explained that Hanol Biopharma's corporate value was assessed using an appropriate market capitalization ratio compared to its partner IMVT, noting that the recent rise in IMVT's stock price reflects expectations for data on IMVT-1402 in the second half of the year.
Roivant's confidence in commercialization was also viewed positively. The researcher mentioned, "Data related to IMVT-1402 for rheumatoid arthritis (RA) and chronic inflammatory demyelinating polyneuropathy (CLE) is expected to be released in the second half of the year, with key RA data likely to be announced in the fourth quarter."
He added, "CLE data is also anticipated in the fourth quarter, and since a proof of concept is being conducted on 60 patients, there is potential for additional corporate value increase if successful."
Furthermore, he noted that the ongoing return of batoclimab is being conducted at Hanol Biopharma's request and will not impact either company's fundamentals or valuations. He emphasized the need to pay attention to the potential introduction of IMVT's 1402 technology rights in Japan.
While acknowledging the development of various competing early-stage anti-FcRn candidates, he stated, "Given the pace of development, there is no need for concern," and continued to recommend Hanol Biopharma as a top biotech stock.
* This article has been translated by AI.
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