First Berlin Equity Research on 16/01/2025 initiated coverage on Medigene AG (ISIN: DE000A40ESG2 / Bloomberg: MDG1 GR). Analyst Christian Orquera placed a BUY rating on the stock, with a EUR 3.80 price target.

Abstract
Medigene AG is an immuno-oncology platform company dedicated to developing T cell receptor (TCR)-guided therapies that specifically target tumour cells to effectively eliminate cancer without harming healthy tissues. TCRs are special proteins on the surface of T cells (a type of immune cell) that function like ?scanners?, recognising and binding to certain markers (antigens) on cancer cells. The company utilises its state-of-the-art end-to-end technology platform to generate optimal 3S (sensitive, specific and safe) TCRs with unique and distinctive attributes. These can be utilised in multiple therapeutic modalities such as off-the-shelf TCR-guided T cell engager therapies (TCR-TCEs), off-the-shelf TCR natural killer cell therapies and autologous T cell receptor engineered T cell (TCR-T) therapies, for both Medigene’s in-house product pipeline and external partnering. Strong strategic partnerships with high-calibre players including BioNTech, Regeneron and WuXi Biologics (WuXi), validate Medigene’s technology, expand the pipeline and provide access to additional financial resources. The recent partnership with WuXi led to the joint development of MDG 3010, a new off-the-shelf TCR-TCE therapy for solid tumours targeting the well-validated KRAS G12V neoantigen. TCR-TCE programmes are attracting great interest from large pharmaceutical companies, leading to lucrative early-stage licensing agreements (e.g. Candid, GSK or Almirall). Medigene aims to demonstrate proof-of-principle for MDG 3010 by the end of 2025, which could potentially lead to a licence agreement shortly thereafter. We initiate coverage of Medigene with a Buy rating and a €3.80 price target.