Nordic Nanovector (Buy, TP: NOK27.00) - Covid-19 affects recruitment pace
The Q3 operating loss of cNOK88m was slightly lower than our forecast of cNOK93m. Covid-19 is still having a large impact on the company’s recruitment rate for the all-important PARADIGME trial. As at 18 November, the company had recruited 59 patients (up from 56 patients as at 26 August). The company raised cash during Q3, and said it now has a financial runway to Q3 2021. At the time of the capital increase in the autumn, the company indicated a need to raise additional cash in H1 2021. We reiterate our BUY, but have lowered our target price to NOK27 (30).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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