Adocia: stock slumps as Oddo BHF cuts TP

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Adocia shares, with a target price slashed from E9.
2 to E6.3 (cp: E5.8, -14.5%).

The analyst said that yesterday he learned that Adocia's partner Tonghua Dongbao had decided to halt the development of BC Combo in China due to increased competition, notably the success of Novo Nordisk's Ryzodeg product.

Indeed, the Chinese authorities are demanding a new phase 2 study comparing Adocia's treatment with that of Ryzodeg, which would involve additional costs and time, thus putting an end to the development of BC Combo in China.

On the other hand, this decision does not call into question the further development of BC Lispro, the partnership's second asset, whose phase 3 results are scheduled for the second half of the year, and which should trigger a $10m milestone payment.


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