Analyst Upgrades Y-mAbs On Bullish Danyelza Sales Outlook, Improved Visibility

Wedbush has upgraded Y-mAbs Therapeutics Inc YMABto Outperform from Neutral, with a price target of $13 from $5.

The analyst says the company has returned Danyelza to a growth trajectory and will begin reporting data from its SADA program over the next year. 

In Q1 FY23, Danyelza (naxitamab) sales were $20.3 million, up 93% Y/Y and 24% sequentially, beating Wedbush estimates of $14.1 million. 

YMAB continues to add new prescribing accounts (~5/quarter) for 53 accounts using Danyelza since launch, with 27 accounts treated in Q1. 

With the increased Danyelza demand, YMAB sees Danyelza net revenues increasing to $80-85 million (from $60-65 million) in 2023 and a lower cash burn of $40-50 million

The analyst also notes that the recent approval of Danyelza in China and its anticipated launch in Q2:2023 with Cyclone Pharma may provide incremental upside to estimates. 

The analyst is bullish on the stock due to better visibility into the SADA program as the company dosed the first patient in the Phase 1 trial of GD2-SADA in April. The company expects a total of approximately 60 patients.

Price Action: YMAB shares are up 11.20% at $10.26 on the last check Wednesday.

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