Arctic Bioscience (Hold, TP: NOK10.00) - Patient recruitment is key concern
As communicated by management in H1, the HeROPA phase IIb clinical trial is active in all five planned countries participating in the trial. It had indicated a 6-month inclusion period of the 519 patients; we are approaching six months since the first patient was included (end-January 2023 in the UK), and have concerns that the recruitment period will continue for still some time. Following a further revision of timelines for the company’s pharmaceutical development efforts, we have cut our target price to NOK10 (15) and reiterate our HOLD.
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