(CercleFinance.com) – The title ended the day in the green with the support of several analysts.
Sanofi announced yesterday morning that the AMEERA-3 Phase II clinical trial evaluating amcenestrant failed to meet its primary endpoint in the treatment of breast cancer.
The group stresses that the other trials evaluating the drug are still in progress, in particular the AMEERA-5 and AMEERA-6 trials.
‘Although we have no details on the results of the AMEERA-3 trial (number of patients with an ESR1 gene mutation), we believe that the probability of success is likely to be very greatly reduced in the other trials ‘ indicates Oddo.
‘We record in our models 320 ME in 2027 (POS of 40% on a sales peak of 800 ME) while the consensus records 489 ME in 2026’ adds the analyst.
Oddo maintains its recommendation to Surperfomance and its target of 111 E.
“In terms of valuation, the PE 2022e represents a discount of 20% compared to peers, reaching only 12.9x against 15.4x for the sector” underlines the research department.
Stifel for his part reiterates his ‘buy’ advice on Sanofi, but lowers his price target from 120 to 115 euros, the day after the failure of his phase II AMEERA-3 trial in advanced breast cancer, ‘new very unexpected and significant setback for its investment thesis’.
“Although full details are not available, we believe it is appropriate to adopt a cautious approach regarding the risk now carried by the development of amcenestrant,” said the broker in its note on the health group.
‘If the drug is not dead and could work well more in combination and/or in line of earlier treatment, the field is also competitive and the likelihood that amcenestrant has a best-in-class profile has diminished ‘, he continues.
Liberum also reaffirms its ‘buy’ recommendation on Sanofi, while lowering its target price from 109 to 107 euros, after the failure of the test.
‘Amcenestrant’s inability to demonstrate an efficiency benefit is a serious and surprising setback for this key development program,’ the broker said. ‘While further trials will continue, we are reducing our probability of success from 70% to 10%’.
While ‘the AMEERA-3 setback removes an important catalyst and leaves few pipeline events for the rest of the year’, Liberum notes for its part that ‘Sanofi is trading at a significant discount to 12 times its 2022 earnings ‘.
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