Oncopeptides (Buy, TP: SEK4.50) - Sales set to be in focus
Q2 Pepaxti sales missed our estimate (SEK8.2m versus SEK10m); however, strong cash flow included a one-off (although this will be reversed in Q3), and reported end-quarter cash was higher than we forecast (adj. cash was cSEK278m, lower than we forecast). The company said adj. cash should be sufficient to take it to positive cash flow (which it still expects late-2026). We reiterate our BUY, but have cut our target price to SEK4.50 (5.50) on the back of our estimate changes.Oncopeptides AB is a Sweden-based clinical development pharmaceutical company, which is primarily engaged in the healthcare industry. The Company focuses on research and development of cancer treatment solutions. The Company's product Ygalo is a peptidase potentiated alkylator, a type of cytotoxic drug that is targeted for use in the treatment of multiple myeloma. Ygalo is an alkylating agent that leverages the overrepresentation of peptidase enzymes in cancer cells to rise the concentration of active cancer fighting molecules in myeloma cells. Ygalo is intended for the treatment of patients with late-stage relapsed and refractory multiple myeloma. Ygalo is administered intravenously and is transported into cells where it is cleaved by peptidase enzymes, which impair transport of its active cancer-fighting agents out of the cell at the same time as driving more Ygalo into the cell.
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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