Arctic Bioscience (No_rec, TP: NOK) - Recommendation and target price withdrawn
While the 6-month HeROPA results did not include detailed data, it was clear that the trial did not meet the primary endpoint. This is a dramatic setback for the company, in our view, since it significantly questions the technology’s benefit as a pharmaceutical. As a result of the company’s financial situation (we estimate available liquidity to Q1 2025) and limited available information on the potential financing alternatives the company is considering for further funding, we have withdrawn our target price (NOK15) and recommendation (HOLD).
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