Nordic Nanovector (Hold, TP: NOK1.60) - Terminating lead compound
On 21 June, when Nordic Nanovector first released the negative news about the PARADIGME trial, we placed our recommendation and target price under review. We have reinstated these, with a HOLD and a target price of NOK1.6, which would value the company at its year-end cash position. The interim analysis of the PARADIGME trial data showed significantly weaker efficacy than expected. The data was not strong enough to justify further development of the Betalutin product. We believe this puts the company in a difficult situation, as management has stated the cash position was cNOK280m at end-Q2. The remaining development portfolio is early-stage, and the company will likely need funding to realise value from these assets.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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