Report
Patrik Ling
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Targovax (Buy, TP: NOK18.00) - All eyes on ONCOS-102

The Q3 operating loss was more or less in line with our forecast, but net cash flow was somewhat less negative than expected. There was a lot of news flow related to ONCOS-102 during the quarter. The next potential catalyst is likely to be ORR data in Q1 2019 from the ONCOS-102 trial in checkpoint inhibitor refractory melanoma patients. We have made only marginal forecast adjustments and we reiterate our BUY and NOK18 target price.
Underlying
Targovax AS

Targovax ASA is a Norway-based company active within the healthcare sector. The Company is developing two complementary and targeted approaches in immuno-oncology: a peptide-based immunotherapy platform for patients with RAS-mutated cancers and a virus-based immunotherapy platform based on engineered oncolytic viruses armed with potent immune-stimulating transgenes for patients with solid tumors. The Company's candidate, TG01, is a peptide vaccine that targets mutations in the RAS genes that are associated with cancer, and it is in a phase II clinical trial in pancreatic cancer. The Company's other RAS targeting immunotherapy, TG02 is developed for colorectal cancer treatment. The Company's adenoviral candidate, ONCOS-102 is developed for the treatment of solid tumors, such as melanoma as well as ovarian and prostate cancer.

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Patrik Ling

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