Ultimovacs (Buy, TP: NOK125.00) - Strong data warrants higher LOA
Ultimovacs’ abstract for the ASCO conference (full presentation on 4 June) revealed strong data, in our view, justifying a higher LOA for UV1 in malignant melanoma (up from 20% to 30%). As UV1 is a universal cancer vaccine, the strong data in melanoma has positive implications for the other indications being investigated. Hence, we have also adjusted the LOAs for some of the other projects moving forward at a good pace. We reiterate our BUY and have raised our target price to NOK125 (87) on the melanoma data.
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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