MaaT Pharma Receives BUY Rating from First Berlin Equity Research

On November 4, 2025, First Berlin Equity Research initiated coverage on MaaT Pharma SACA, recommending a BUY rating with a target price of EUR 17. Founded in 2014 and based in Lyon, France, MaaT Pharma specializes in microbiome-based therapies aimed at improving oncology outcomes through immune modulation.

The company’s lead candidate, Xervyteg (MaaT013), was developed using MaaT Pharma’s proprietary AI-powered platform, gutPrint. This full-ecosystem microbiome therapy has shown promising results, with a phase 3 trial indicating a 54% 12-month survival rate, significantly outperforming historical outcomes. Expected to launch in Europe in H2 2026, Xervyteg aims for peak sales of €117 million, with UK-based Clinigen handling commercialization.

Another promising candidate, MaaT033, targets survival improvement in stem cell transplantation. A phase 3 trial may be avoided if ongoing phase 2b results meet efficacy criteria. MaaT Pharma, viewed as a leader in microbiome technology, has a strong late-stage pipeline.