Where Competition Runs Thin; Initiate OP

研报英文原文证据摘录

Where Competition Runs Thin; Initiate OP

Health Care | Biotechnology / SMID Cap

May 26, 2026

Hemab Therapeutics Holdings, Inc. Cory Kasimov Adhi Sikand, PhD 917-733-5320 212-497-0813

COAG | $25.89 cory.kasimov@evercoreisi.com adhi.sikand@evercoreisi.com

Outperform | Target Price/Base Case: $50.00 Joshua Chazaro, MD Johnny Phan

Initiating Coverage 917-750-5601 646-705-1846

joshua.chazaro@evercoreisi.com johnny.phan@evercoreisi.com

Company Statistics

Market Capitalization (M) $1,188

Hemab is a multi-asset, clinical-stage biotech focused on

1 Year Price History underserved bleeding disorders with limited or no prophylactic

options. Lead candidate sutacimig targets Glanzmann

Thrombasthenia (GT) & Factor VII Deficiency (FVIID), while

HMB-002 targets Von Willebrand Disease (VWD), a potentially

multi-billion-dollar opty. In our view, the combination of

significant unmet need, limited competition, & multiple

upcoming catalysts supports an Outperform rating & $50 PT.

Key drivers of our thesis:

Source: FactSet

• Hemab is targeting bleeding disorders with high unmet

need. There are no approved prophylactic therapies in

GT/FVIID, while existing VWD prophylaxis options remain

burdensome & IV-based.

• Sutacimig provides compelling clinical validation. The Ph3-

ready asset has demonstrated substantial bleed reduction

& received encouraging KOL feedback, particularly in GT

where no approved therapies exist.

• HMB-002 targets a much larger commercial opty. We

believe a subQ prophylactic option could materially expand

treatment adoption in an underserved mkt like VWD. We

expect ‘002 to become the primary investor focus with

initial efficacy data expected late ’26 / early ’27.

What are our key assumptions?

• Sutacimig: We model ‘29 launch; ~$650K annual WAC