We are initiating coverage of the stock with a BUY recommendation and a Fair Value of EUR19. Innate Pharma is one of the rare companies to be developing a checkpoint inhibitor targeting the two sides of immunity (innate and adaptive) with IPH2201 and a potential biomarker. In our view, a new inflection point is approaching with the announcement of AstraZeneca’s development plan for this potential blockbuster. Even without taking into account this announcement, we deem the risk-reward to be attractive with a 12-month FV ranging between EUR15.5 and EUR22.
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