OSE IMMUNO : Kepler Chevreux à l’achat avec un objectif de 8.20

Mikaa

27 mars 2026 •10:20

Cf la note diffusée par Bio Impact

« OSE Immunotherapeutics entered 2026 with a leaner and, in our view, clearer
strategy than at any point in its recent history. Following the progressive out-
licensing of secondary pipeline assets, including FR104 to Veloxis and OSE-172
to Boehringer Ingelheim, management has signalled a decisive pivot to
concentrate all remaining clinical and commercial resources around two
assets: Tedopi, the company's proprietary neoepitope cancer vaccine, and
Lusvertikimab (OSE-127), its IL-7R antagonist antibody in development with
Servier in ulcerative colitis. We believe this focus is strategically sound; the
breadth of OSE's historical pipeline had become a source of investor confusion
rather than perceived valuation upside potential, and the narrowing of scope
should improve the narrative’s clarity at a time when the stock is trading at a
material discount to our sum-of-the-parts valuation. We resume coverage with
a Buy rating and EUR8.2 TP, supported by the strong pipeline and expected
positive newsflow over the next three years, although we would remind
investors that the company is facing short-term financing constraints, with
guidance for a cash runway until early Q4. »

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