Targovax (Buy, TP: NOK18.00) - Waiting for new strategy plan
The Q2 operating loss was in line with our forecast. The current cash position of cNOK201m should keep operations running for 18–24 months. We expect a new strategy plan for the peptide vaccine programme in October, and believe the most important near-term data point is an update on the melanoma study with ONCOS-102/Keytruda later in 2018. Targovax has reiterated that mesothelioma is likely to be the first potential registered indication. We maintain our BUY, and have lowered our target price to NOK18 (NOK21).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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