Nordic Nanovector (Buy, TP: NOK36.00) - A perfect storm post-Q4
Nordic Nanovector’s Q4 report caused a perfect storm for the share price. The company announced 1) a change in CEO; 2) weak recruitment numbers for the PARADIGME trial; and 3) that it would need more capital in late 2020. The need for capital was in our view no surprise, but the slow recruitment has led the market to doubt it will achieve the target of full recruitment by end-2020. We continue to believe the data for Betalutin is strong, but the company’s execution weak. We have cut our LOA for Betalutin to reflect the highly uncertain execution. We reiterate our BUY but have cut our target price to NOK36 (NOK72).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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