Jul. 17 at 4:18 PM
Cantor reiterated
$ABCL Overweight-
$11 and said--In 3Q26, ABCL will report Phase 2 data for anti-NK3R antibody ABCL635 in moderate-to-severe vasomotor symptoms (VMS) in menopause, otherwise known as hot flashes.
$BAYRY $ALPMY VTGN LLY
Cantor added—Moderate-to-severe VMS affects >10M women in the U.S. alone every year, symptoms typically last for several years, and the majority of affected women currently don't seek, are averse to, or are explicitly contraindicated for hormonal therapy.
In our view, ABCL635's Phase 2 data will compare favorably to approved NK3R inhibitors (i.e., better impact on VMS severity, similar impact on mean VMS frequency, but better on VMS responder analysis, plus better safety) and ABCL shares will react positively (50%+ upside in ideal scenarios), reflecting the potential multi-
$B market opportunity for ABCL635.
