Nordic Nanovector (Buy, TP: NOK110.00) - Resetting expectations
The management team did a solid job when it reset the expectations and timelines for Betalutin's development plan. Management made new commitments to update the market about countries approved for the trial and number of active sites at the quarterly reports. Investors have sought that type of information for a long time. Looking forward, we believe the risks in the development plan are lower than initially anticipated and with boosted confidence in the plan for Betalutin, we have increased our target price to NOK110 (NOK80). We reiterate our BUY recommendation.Nordic Nanovector is committed to develop and deliver innovative therapies to patients to address major unmet medical needs and advance cancer care. Co. is engaged in the development of targeted therapies for haematological cancers. Co.'s clinical-stage candidate is Betalutin®, a novel CD37-targeting Antibody Radionuclide Conjugates (ARC) designed to improve upon and complement options for the treatment of non-Hodgkin Lymphoma (NHL). NHL is an indication with substantial unmet medical need and orphan drug opportunities. Co. aims to rapidly develop Betalutin®, alone and in combination with other cancer therapies, for the treatment of major types of NHL.
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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