Nordic Nanovector (Buy, TP: NOK26.00) - Trial recruitment still top priority
Nordic Nanovector announced in early January that recruitment for the PARADIGME trial had been slower than envisaged, delaying expected data read-out from H1 2022 to H2 2022. The company also raised more capital recently, which we estimate means it has enough cash to last beyond that important data read-out. We have lowered our 2022–2023e EPS by c4% after factoring in the capital raised and higher share count, as well as the delayed PARADIGME data read-out. We reiterate our BUY, but have cut our target price to NOK26 (31).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.
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