Ultimovacs (Buy, TP: NOK200.00) - On track, with additional confidence
Ultimovacs continues to demonstrate strong and steady patient recruitment (running five phase II trials, with one fully recruited) while also maintaining good cost control, in our view. With additional confidence provided by the recent updates from its phase I UV1-103 trial, we reiterate our BUY and NOK200 target price based on our view that the company is heading into an exciting period, with two major phase II readouts (INITIUM and NIPU trial) expected in H1 2023.Ultimovacs ASA Formerly known as Ultimovacs AS. Ultimovacs ASA, formerly Ultimovacs AS, is a Norway-based pharmaceutical company developing immunotherapies against cancer. The Company's lead product candidate is UV1, a peptide-based vaccine inducing a specific T cell response against the universal cancer antigen telomerase. UV1 is being developed as a therapeutic cancer vaccine which may serve as a platform for use in combination with other immuno-oncology drugs which require an ongoing T cell response for their mode of action. The Company is performing a broad clinical development program with clinical trials in Europe and the USA.
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