Oryzon Genomics

SP: ORY

€138.5m market cap

€3.03 last close

Oryzon Genomics is a Spanish biotech focused on epigenetics. Iadademstat (Phase IIa) is being explored for acute leukaemias and SCLC; vafidemstat, its CNS product, is in Phase IIa trials in MS, AD and aggression. Newer asset ORY-3001 is being developed for certain orphan indications.

Investment summary

As we expected, 2019 was a year of data readouts for epigenetics specialist Oryzon. The company presented new data from the ongoing Phase IIa clinical trials with both assets at eight conferences last year. All readouts were still interim. This and the fact that Phase IIa trials, in general, are relatively small and focus on safety meant that the share price did not reach new highs despite all readouts being positive. Final results from the trials are expected throughout 2020–21 and Oryzon is already initiating a Phase IIb trial with its CNS asset in borderline personality disorder (BPD). This will provide plenty more catalysts in the coming months. Our valuation is slightly higher at €454m or €9.9/share.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 4.3 (3.5) (4.6) (14.29) N/A N/A
2018A 6.8 (2.8) (3.7) (3.37) N/A N/A
2019E 9.8 (4.2) (5.1) (9.63) N/A N/A
2020E 9.9 (4.1) (4.7) (6.26) N/A N/A
Industry outlook

Oryzon is among the leading clinical-stage drug developers with a second generation of epigenetic therapeutics, which have greater selectivity and potentially a favourable safety/efficacy profile than the first generation HDAC inhibitors.

Last updated on 14/02/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 22.1
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.6) 9.6 (12.1)
Relative* (6.8) 1.0 (20.9)
52-week high/low €4.4/€2.5
*% relative to local index
Key management
Carlos Buesa CEO

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