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.
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.
Late last week Targovax reported a Q4 loss of cNOK42m, larger than the cNOK36m loss we expected. The report itself was not an important event. End-Q4 cash of cNOK151m was higher than we expected, mainly due to positive changes in working capital. Cash at hand should last into 2020, but in our view the company is likely to raise new cash this year. We reiterate our BUY but have cut our target price to NOK13 (NOK18) on a more conservative assessment of the pipeline.
Our focus in the Q1 results (due at 9.30 EET on 25 April) will be on orders, profit quality and the outlook. Despite Q1 being a relatively small quarter seasonally, we believe the report should demonstrate a still-positive market and profit momentum. Our Q1 group order and clean EBITA estimates are close to consensus, although we use some caution on a divisional basis, with material differences likely down to consensus not being fully updated. We reiterate our BUY and EUR36 target price.
We expect limited new news in the Q1 report (due on 25 April at 12:30 EET). Q1 is seasonally the smallest profit quarter of the year and the main 2019 profit elements should have been largely unchanged. Our Q1 order intake estimate is close to consensus (Vara), while our clean EBIT estimate is a touch below. We reiterate our HOLD recommendation and EUR45 target price.
During the quarter, peer Apexigen presented strong clinical data from its study with the anti-CD40 antibody APX005M. This was the first time we have seen compelling efficacy data from an anti-CD40 antibody, and we believe the data provides strong support for targeting CD40 in at least two cancer indications. In June, Janssen will present data from its study with ADC-1013 (which also targets CD40). We reiterate our BUY recommendation and SEK42 target price.
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.