Bell Potter has been running the rule over a number of small-cap ASX healthcare stocks this week.
Let's see what the broker is saying about these speculative stocks.
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Immutep Ltd (ASX: IMM)
Immutep is a clinical-stage biopharmaceutical company focused on developing novel LAG3 immunotherapy for cancer and autoimmune disease.
Its shares were sold off this month after its lead drug, Efti, failed the futility analysis in its global Phase 3 trial in non-small cell lung cancer. Bell Potter notes that this "is a bitterly disappointing and surprising outcome considering the strength of the company's prior Phase 1 and Phase 2 lung cancer data."
As a result, it has downgraded its shares to a speculative hold rating with a 7 cents price target (from 65 cents). It said:
We downgrade to a Hold recommendation and $0.07 valuation. We tentatively estimate IMM will end up with ~$60m of cash (4c/sh) following wind-down of the global Phase 3 trial and other Efti development activities, assuming no repayments to Dr Reddy's are necessary.
In addition to cash, IMM retains the earlier-stage IMP761 asset which it will continue to progress for treating autoimmune conditions. The early stage of IMP761's development (no data in patients) leads us to exclude any material contribution from our valuation at this time.
Oneview Healthcare PLC (ASX: ONE)
Another ASX healthcare stock that Bell Potter has been looking at is Oneview.
Its Care Experience Platform (CXP) is a unified set of digital tools in a single bedside solution that connects patients, families, and care teams with services, education, and information during hospital stays.
Bell Potter is positive on the company's growth outlook and has put a speculative buy rating and 45 cents price target on its shares. It said:
There is no change to our earnings estimates but we have reduced our DCF valuation by c.10% to $0.45/sh following FX appreciation and share count adjustments. We assume c.20% annual growth in live endpoints from FY26e-FY28e to drive our FY28e U. EBITDA breakeven expectation.
Given ONE's track record, this is no small feat. In the face of improving thematics and the need for hospitals to utilise efficiency tools to plug the operating impact of nurse shortages, we remain cautious ahead of more consistent performance on conversion and financial performance.
PYC Therapeutics Ltd (ASX: PYC)
Finally, PYC is a clinical-stage biotechnology company that is developing multiple drug candidates for rare inherited diseases.
Bell Potter notes that "following a Type D meeting with the FDA, PYC provided key elements of the Phase 3 trial design for its novel drug candidate, VP-001."
And thanks to its recent $600 million capital raise, PYC has the benefit of >$700 million in cash, with runway into at least 2030 according to the broker. As a result, Bell Potter believes the company is "incredibly well capitalised to execute over the next several years on its clinical development programs without having to come back to investors for additional capital."
For this reason, it has put a speculative buy rating and $2.30 price target on its shares. It said:
There are no changes to our BUY (spec.) recommendation or $2.30/sh valuation. The catalysts most likely to drive enthusiasm include additional RP11 readouts from the Phase 1/2 trial (expected Q4 CY26), clinical data in patients in the PKD trial (CY27 to CY28), and any potential licensing partnerships for the ophthalmology programs.
