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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing measles outbreak.</li><li>Flu vaccine guidelines for fall strains are not on the schedule, as the FDA issued recommendations without the usual ACIP guidance. </li><li>The CDC’s Division of HIV Prevention is under review, which could disrupt a major funding source of HIV prophylaxis (PrEP) drugs (GILD, GSK). </li></ul>

The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing measles outbreak.Flu vaccine guidelines for fall strains are not on the schedule, as the FDA issued recommendations without the usual ACIP guidance. The CDC’s Division of HIV Prevention is under review, which could disrupt a major funding source of HIV prophylaxis (PrEP) drugs (GILD, GSK). 

Biopharma Week in Review - March 24, 2025

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanall-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:8854:1" rel="noopener">Hanall Biopharma (009420 KS)</a>'s licensed partner Harbour BioMed announced that the China’s NMPA has officially accepted the Biologics License Application for batoclimab for the treatment of generalized myasthenia gravis.  </li>
<li>Immunovant announced positive initial result from the single-ascending dose portion of the Phase 1 trial of IMVT-1402. Initial data from the multiple-ascending dose cohorts are expected in October/ November 2023.</li>
<li>Hanall and Daewoong have initiated phase 1 clinical trial of HL192 for the treatment of Parkinson's disease, and dosed the first subject. The initial results are expected in 2H24.</li>
</ul>



Hanall Biopharma (009420 KS)'s licensed partner Harbour BioMed announced that the China’s NMPA has officially accepted the Biologics License Application for batoclimab for the treatment of generalized myasthenia gravis.  
Immunovant announced positive initial result from the single-ascending dose portion of the Phase 1 trial of IMVT-1402. Initial data from the multiple-ascending dose cohorts are expected in October/ November 2023.
Hanall and Daewoong have initiated phase 1 clinical trial of HL192 for the treatment of Parkinson's disease, and dosed the first subject. The initial results are expected in 2H24.


Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanall-biopharma-co-ltd" target="_blank" data-smartkarma-citation="entities:8854:1" rel="noopener">Hanall Biopharma (009420 KS)</a> has two leading pipeline assets, HL161 (batoclimab) and HL036 (tanfanercept), which are being developed by global license partners.</li>
<li>Batoclimab is in phase 3 trial for myasthenia gravis, which causes weakness of voluntary muscles. Tanfanercept is being developed as a treatment for dry eye disease in China and U.S.</li>
<li>Batoclimab and tanfanercept trials are approaching multiple data readouts in near-term. Hanall will be entitled for milestone payments for clinical trial progress of its out-licensed assets.</li>
</ul>



Hanall Biopharma (009420 KS) has two leading pipeline assets, HL161 (batoclimab) and HL036 (tanfanercept), which are being developed by global license partners.
Batoclimab is in phase 3 trial for myasthenia gravis, which causes weakness of voluntary muscles. Tanfanercept is being developed as a treatment for dry eye disease in China and U.S.
Batoclimab and tanfanercept trials are approaching multiple data readouts in near-term. Hanall will be entitled for milestone payments for clinical trial progress of its out-licensed assets.


Hanall Biopharma (009420 KS): Clinical Trial Progress of Key Pipeline Assets to Provide Some Upside

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

There are two potentially positive catalysts for <a href="https://www.smartkarma.com/entities/immunovant-inc" target="_blank" data-smartkarma-citation="entities:33093:1" rel="noopener">Immunovant Inc (IMVT US)</a> . One is news on the resumption of its clinical trials following a voluntary pause of dosing after the company had become aware of a physiological signal consisting of elevated total cholesterol and LDL levels in trials with respect tone of its indication targets.  The company is expected to provide a further update on its current and future indications and timelines in the coming weeks.The other is the prospect of a buyout proposal for the minority holdings in IMVT by 58% shareholder Roivant Sciences. We are of the view that there it is more likely than not that Roivant will proceed with a buyout proposal for IMVT. The expected timeline is when the pending Roivant/Montes Archimedes Acquisition Corp (MAAC US)  merger is completed which is targeted for 3Q 2021. Based on what Roivant has been saying as well as precedent transactions, we would expect a buyout will come with a hefty premium in the 60%-80% range. This is a trade worth considering.

There are two potentially positive catalysts for Immunovant Inc (IMVT US) . One is news on the resumption of its clinical trials following a voluntary pause of dosing after the company had become aware of a physiological signal consisting of elevated total cholesterol and LDL levels in trials with respect tone of its indication targets.  The company is expected to provide a further update on its current and future indications and timelines in the coming weeks.The other is the prospect of a buyout proposal for the minority holdings in IMVT by 58% shareholder Roivant Sciences. We are of the view that there it is more likely than not that Roivant will proceed with a buyout proposal for IMVT. The expected timeline is when the pending Roivant/Montes Archimedes Acquisition Corp (MAAC US)  merger is completed which is targeted for 3Q 2021. Based on what Roivant has been saying as well as precedent transactions, we would expect a buyout will come with a hefty premium in the 60%-80% range. This is a trade worth considering.

MergerTalk: Why Skepticism Over A Potential Immunovant Buyout May Offer A Lucrative Opportunity

United States

Immunovant Inc operates as a biopharmaceutical company. The Company offers discovers and manufactures drugs for patients with autoimmune diseases. Immunovant serves customers worldwide.

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Immunovant Inc (IMVT US)

Biopharma Week in Review - March 24, 2025

The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing...

Water Tower Research

Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

China NMPA has accepted BLA filed by Hanall's partner for batoclimab to treat generalized myasthenia gravis. Hanall initiated phase 1 clinical...

Tina Banerjee

Hanall Biopharma (009420 KS): Clinical Trial Progress of Key Pipeline Assets to Provide Some Upside

Hanall’s leading pipeline assets are progressing in late-stage trials through licensed global partners, thereby generating milestone payment...

Tina Banerjee

MergerTalk: Why Skepticism Over A Potential Immunovant Buyout May Offer A Lucrative Opportunity

Why we think it is more likely than not that minority shareholders of Immunovant (IMVT US) will receive a buyout proposal with a hefty premium...

Robert Sassoon

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52-week Range

Market Cap (USDm)

P/E

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Biopharma Week in Review - March 24, 2025

The HHS rescheduled the CDC’s postponed February ACIP (vaccine experts panel) meeting for mid-April, with a revised agenda to include the ongoing...

Water Tower Research

Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook

​China NMPA has accepted BLA filed by Hanall's partner for batoclimab to treat generalized myasthenia gravis. Hanall initiated phase 1 clinical...

Tina Banerjee

Hanall Biopharma (009420 KS): Clinical Trial Progress of Key Pipeline Assets to Provide Some Upside

Hanall’s leading pipeline assets are progressing in late-stage trials through licensed global partners, thereby generating milestone payment...

Tina Banerjee

MergerTalk: Why Skepticism Over A Potential Immunovant Buyout May Offer A Lucrative Opportunity

Why we think it is more likely than not that minority shareholders of Immunovant (IMVT US) will receive a buyout proposal with a hefty premium...

Robert Sassoon

China NMPA has accepted BLA filed by Hanall's partner for batoclimab to treat generalized myasthenia gravis. Hanall initiated phase 1 clinical...