Gentian Diagnostics (Buy, TP: NOK104.00) - Data point indicates larger than expected cardiac market
We expect Gentian Diagnostics to have seen business as usual in Q3 and forecast organic sales growth of 48% YOY. The cash position remains solid, with pipeline projects progressing in accordance with timelines, we believe. A recent new data point indicates a c3x larger market opportunity for cardiac marker NT-proBNP than we previously expected, mainly due to higher testing volumes in the US. We have updated our testing volume assumptions and lowered our peak uptake estimate. As a result, we have increased our target price to NOK104 (84), and reiterate our BUY.Gentian Diagnostics AS is a Norway-based company within health care sector. It develops and manufactures in vitro diagnostic products for the detection and quantification of specific markers for use on a wide range of clinical chemistry analysers. The Company's product portfolio comprises turbidimetric fecal calprotectin immunoassay, which is to be run on most major clinical chemistry analysers; canine CRP, which is an acute phase protein synthesized in the liver that is used for diagnosis and treatment of inflammatory diseases in dogs; NGAL Immunoassay, which is a particle-enhanced turbidimetric immunoassay (PETIA) for in vitro diagnostic testing of neutrophil gelatinase-associated lipocalin (NGAL) in human urine and plasma samples; and cystatin C immunoassay, which is a PETIA for use on a range of clinical chemistry analyzers. The Company operates domestically, as well as in China and the Unites States.
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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