Affimed NV (AFMD)

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Wells Fargo Says
Affimed is an immune-oncology researcher in the biopharma world, looking into new therapies for cancer patients. The company’s ‘redirected optimized cell killing’ (ROCK) platform is used to develop innate cell engagers capable of reactivating the patient’s own immune cells to combat tumors. The company has 6 separate programs in its development pipeline, most in the preclinical stage of research. The company’s focus is on the treatment of hematological and solid tumors.

Of Affimed’s drug candidates, AFM13 is the first to have reached the clinical trial stage. The candidate has trials ongoing for the treatment of peripheral T cell lymphoma and CD30-postive T cell lymphoma, as well as transformed mycosis fungoides. Other lines of research are in earlier phases of development. AMF13 is a CD16A-based innate cell engager, and has shown promise of some therapeutic efficacy as well as a favorable safety profile.

In March, Affimed announced that it will be continuing REDIRECT, a Phase 2 study of AFM13 as a treatment for CD30-postivie T cell lymphoma. So far, the study has shown some anti-tumor response in both Cohort A and Cohort B of the patient base. Affimed’s recent program update also showed significant progress with AFM24, the company’s second most advanced program, now in a Phase 1 trial of its efficacy against solid tumors.

In his report on Affimed for Well Fargo, analyst Nick Abbott gives the stock an Overweight (i.e. Buy) rating and a $18 price target that indicates a potential for 62% upside in the year ahead.

Backing his stance, Abbott writes, “Our Overweight rating on AFMD reflects our view on AFMD’s approach to immuno-oncology (IO) with focus on the ROCK platform of innate cell engaging bispecific antibody development as a monotherapy, in combination with checkpoint inhibitors and in combination with cell therapy. Positive interim analysis of the registration-directed REDIRECT trial of AFM13 provides validation of the ROCK platform, in our view.”

Wall Street’s analysts are unanimous here, giving the stock 5 positive reviews in recent weeks for a Strong Buy consensus rating. The shares are priced at $10.42 and their $14 average target implies ~25% one-year upside.
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