Nykode Therapeutics (Buy, TP: NOK4.00) - Set for Q3e after major setback
We believe the company will implement larger cuts in the organisation as well as other cost-preservation initiatives to further extend the financial runway following the termination of the collaboration with Genentech. Despite the extra uncertainty around the technology’s clinical potential following the termination (causing us to completely remove the NEO programme from our model until we see the clinical effect data from the N-02 trial), we believe the current valuation (well below Q2 cash) is too low compared to the value of the technology based on the results it has generated over the years. We reiterate our BUY, but have cut our target price to NOK4 (21).Vaccibody AS. Vaccibody AS is a Norway-based vaccine company. It is engaged in the development of vaccines that overcome the shortcomings of current vaccine technologies. The Company's vaccine platform increases the antibody and T-cell responses. The Company focuses on cancer vaccines, partnering the technology within infection and veterinary use. The Company develops of an immuntherapy against HPV-induced malignancies, such as precanceous lesions of cervical cancer. The major shareholders of the Company are BMI, Sarsia Seed and the investors.
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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