Oppenheimer initiated coverage on Adlai Nortye Ltd. (NASDAQ:ANL) with an Outperform rating and a $32 price target.
The firm highlighted the company's key assets and R&D capabilities. Shares surged 770% YTD, driven by favorable read-through to AN9025 from Revolution Medicines updates. The stock trades at $11, with a $440M market cap, below its 52-week high of $17.25.
AN4035, a novel pan-RAS(ON)i-conjugated antibody, could be the first U.S. clinical-stage program of its kind. Tri-specific AN8025 may unlock additional combination strategies. All key assets were developed internally.
Recently, Adlai Nortye entered a securities purchase agreement for a $150M private investment in public equity, oversubscribed by institutional investors.
