Goldman Sachs says Hemab Therapeutics is likely to see further upside following its recent public offering due to progress toward developing the first treatments for two rare bleeding disorders. An investment bank, one of the company’s IPO underwriters, began reporting the biotech’s name with a buy rating. He also has a $36 price target on the stock, implying a 39% upside from Friday’s closing price. “Our Buy rating is driven by Stasimig’s potential to dominate the market as a single treatment option (for the treatment of a few rare bleeding disorders) and HMB-002’s large market potential for (Von Willebrand disease),” analyst Richard Roe said in a note to clients on Tuesday. Hemab went public on May 4th with an IPO price of $18. The stock doubled that day, hitting a high of $36.61. Since then, it has traded within a range of $23 to $29. Shares soared 7% to about $27.75 on Tuesday, as Goldman and other Wall Street shops gave bullish ratings to the stock. The unique treatment, Hemab, is an investigational treatment called Stasimig that aims to treat Glanzmann thrombosis and Factor VII deficiency, an extremely rare inherited bleeding disorder that inhibits blood clotting, Lowe said. Currently, there are no other treatments being developed to treat GT and FVIID. This means Hemab can aim to fully capture both markets with Stasimig. And while there are only about 1,000 people in the U.S. with either of the two conditions, the bank says there are up to about five times as many voters in Gulf Business Council member states. In early-phase trials of Stasimig, the use of Stasimig reduced annual therapeutic bleeding rates for all regimens studied, regardless of the source or cause of the bleeding. Hemab is also working on a therapy called HMB-002 to treat von Willebrand disease, a more common bleeding disorder, which Goldman believes could further boost the stock price.
