PhotoCure (Buy, TP: NOK155.00) - Waiting for new BLC in the US
Photocure’s Q4 report is due at 07:30CET on 23 February. We believe the company has been hit by the Omicron wave, which has probably hurt customer access, among other effects. We expect FDA approval in Q1 for the new version of BLC from Karl Storz in the US, and believe this could put some extra drive behind the sales trend in H2. We reiterate our BUY and NOK155 target price.Photocure is a Norwegian based specialty pharmaceutical company. Co. develops and commercializes solutions in several disease areas such as bladder cancer, colorectal cancer, HPV and precancerous lesions of the cervix, acne and other dermatologic conditions. Co. has one marketed product that Co. commercializes directly in the U.S. and the Nordic region is Hexvix®/Cysview®, for detection of bladder cancer.
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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