Ultimovacs (Buy, TP: NOK85.00) - Recruitment moving forward
Ultimovacs’ Q3 operating loss was smaller than we had expected, but this was partly due to delays in starting up new trials, which we see as a timing issue rather than a real change in spending. The company announced that it now has 12 patients recruited in the INITIUM trial, and 6 in the NIPU trial (up from 3 and 4 respectively after Q2). The new collaboration is still unknown, and it stated that it would inform the market of the details in Q4. We maintain our BUY and NOK85 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.
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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