Ultimovacs (Buy, TP: NOK85.00) - Promising melanoma data
Last night the company reported very promising data from its phase I melanoma trial where Ultimovacs cancer vaccine UV1 has been combined with pembrolizumab in first-line malignant metastatic melanoma. It is a small, single-arm trial but the indications are positive and compared to historical data, the outcomes look promising. We believe this data strengthens the outlook for future trials and as a result we have increased our LOA from 15% to 20% for the melanoma indication. We reiterate our BUY and have lifted our target price to NOK85 (NOK65).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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