Camurus (Buy, TP: SEK550.00) - Overreaction to 2024 guidance
The Q4 results were in line with the pre-announced figures from the capital raise earlier this year. However, we believe the 2024 guidance was perceived as weak for the top line and PTP. The latter guidance included cSEK300m in investments for building a commercial organisation in the US, well above what we and the market expected. We reiterate our BUY and have raised our target price to SEK550 (425), after adding a proportion of the value of the pipeline to our valuation.Camurus AB is a Sweden-based research and development based pharmaceutical company with a focus on the development and commercialization of specialty medicines, providing patients suffering from serious and chronic disease, such as opioid dependence, pain, cancer, acromegaly, and neuroendocrine tumors. The Company has a diversified research portfolio, which includes five products in clinical trials, and a number of additional product candidates in the pre-clinical phase. The Company's product pipeline represents a mix of in-house and partnered projects in different development phases. Camurus AB is the parent company of the Group, which comprises four legal entities, namely Camurus Inc, Cubosome Inc, Camurus Development AB and Bioimplant Scandinavia AB.
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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