Targovax (Buy, TP: NOK18.00) - CMD 2018 comments
Targovax hosted a CMD in Oslo on 15 October. The company discussed the potential future positioning of the peptide vaccine (the TG platform) but did not offer any firm commitments on its potential future path. To use TG01 as an add-on to the new SoC for resected pancreatic cancer patients (FOLFIRINOX) is not practical for a company like Targovax. However, different large academic groups have shown a strong interest in conducting large trials with the TG vaccine. We believe an agreement with one of these might be a way forward. We keep our BUY recommendation and the NOK18 price target.Targovax ASA is a Norway-based company active within the healthcare sector. The Company is developing two complementary and targeted approaches in immuno-oncology: a peptide-based immunotherapy platform for patients with RAS-mutated cancers and a virus-based immunotherapy platform based on engineered oncolytic viruses armed with potent immune-stimulating transgenes for patients with solid tumors. The Company's candidate, TG01, is a peptide vaccine that targets mutations in the RAS genes that are associated with cancer, and it is in a phase II clinical trial in pancreatic cancer. The Company's other RAS targeting immunotherapy, TG02 is developed for colorectal cancer treatment. The Company's adenoviral candidate, ONCOS-102 is developed for the treatment of solid tumors, such as melanoma as well as ovarian and prostate 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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