Ultimovacs (Buy, TP: NOK60.00) - Covid-19 could affect data read-out
As expected, the Q1 results were something of a non-event. Operating costs were lower than we expected, and as a result the cash balance slightly higher; however, the deviations were minor in our opinion. We believe recruitment for the two phase II trials Ultimovacs initiated this year could be delayed as a result of Covid-19, while the first cohort of the phase I melanoma trial will most likely read-out before the end of the year. We have lowered our forecasts to reflect a slightly higher cash burn-rate in the coming quarters. We reiterate our BUY but have lowered our target price to NOK60 (66).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.
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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