Nordic Nanovector (Hold, TP: NOK1.60) - Limited visibility on strategic options
The decision to terminate the PARADIGME phase IIb trial in Q2 clearly has major repercussions for Nordic Nanovector given it was the most mature development project in its pipeline. Operations have already been drastically downsized, with c70% of personnel laid off. No new data or real explanation for the weak efficacy in the trial was given, and with limited value in the early-stage pipeline in our view, we value the company at its end-2022e cash position. We reiterate our HOLD and NOK1.6 target price.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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