Do You Not Clot? Hemab Can Help; Initiating at OP, $42 PT

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Do You Not Clot? Hemab Can Help; Initiating at OP, $42 PT

Company Report

May 26, 2026 Hemab Therapeutics (COAG)

Rating: Do You Not Clot? Hemab Can Help; Initiating at OP, $42 PTOUTPERFORM

Price:

$25.89 We view Hemab Therapeutics (NASDAQ: COAG) as a high conviction opportunity

12-Month Price Target: within rare coagulation disorders. COAG is developing subcutaneous prophylactic

$42.00 antibody therapies for inherited bleeding disorders where current treatment is

dominated by burdensome IV factor replacement or lack approved prophylactic

options. The lead asset, sutacimig (HMB-001), is a bispecific antibody that

Analysts restores clotting capability by recruiting endogenous Factor VII/VIIa to activated

David Nierengarten, Ph.D. platelets via TLT-1 binding, restoring localized thrombin generation in Glanzmann

(415) 274-6862 thrombasthenia (GT) and driving Factor VII accumulation in severe Factor VIIDavid.Nierengarten@wedbush.com

Dennis Pak deficiency (FVIID). Ph 1/2 GT data support advancement into a single-arm pivotal

(415) 263-6647 Ph 3 trial expected to initiate in 2H26. Sutacimig is also in a Ph 2 FVIID study with

Dennis.Pak@wedbush.com proof-of-concept data expected in late 2026 or early 2027. COAG’s second program,

Martin Fan, Ph.D. HMB-002, is a monovalent antibody that stabilizes endogenous VWF and Factor

(213) 688-3404 VIII as a subcutaneous prophylactic for Von Willebrand disease (VWD), the mostMartin.Fan@wedbush.com

common inherited bleeding disorder. With multiple proof-of-concept catalysts over

6–12 months, minimal direct competition from similarly targeted mechanisms, and

Company Information cash runway into 2029, we view COAG as well positioned to build a differentiated

Market Cap (M) $1,209 prophylactic coagulation franchise.

Enterprise Value (M) $755