Ultimovacs (Buy, TP: NOK200.00) - Recruitment accelerating
Despite accelerating patient recruitment, Ultimovacs now expects top-line data read-out from the INITIUM and NIPU trials in H1 2023 (previously H2 2022). In terms of the Q4 results, operating costs were higher than we expected, explained entirely by activity in the clinical trial programme, although we view this in itself as positive. We have raised our 2022–2024e R&D costs, but given its current cash position, believe Ultimovacs should have sufficient funds to see it through the important clinical read-outs. We reiterate our BUY and NOK200 target price.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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