Oncoinvent (Buy, TP: NOK2.70) - Recruitment is key
Oncoinvent announced completed inclusion of the initial safety lead-in in the RAD-18-003 trial. However, (as planned) it was based on just six patients. Management said it expects the pace of recruitment to pick up sharply following completion of the safety lead-in, the trial proceeding to the randomised part and more sites being opened. We also believe recruitment will accelerate, albeit far slower than the guidance, and that the pace to date has increased investor uncertainty. We have therefore adjusted our WACC from 10% to 10.5% and cut our target price to NOK2.7 (3.5), but given the significant upside potential, we reiterate our BUY.
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.
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