Nykode Therapeutics (Buy, TP: NOK31.00) - Realign the map with the territory
We still like the long-term outlook (far more than the market is pricing in), and have high expectations for 2024. We reiterate our BUY, but have cut our target price to NOK31 (102) as despite our generally unchanged fundamental view, we see a lower market perception on the value of the pipeline assets, especially as the Genentech partnership represents most of our valuation.Vaccibody AS. Vaccibody AS is a Norway-based vaccine company. It is engaged in the development of vaccines that overcome the shortcomings of current vaccine technologies. The Company's vaccine platform increases the antibody and T-cell responses. The Company focuses on cancer vaccines, partnering the technology within infection and veterinary use. The Company develops of an immuntherapy against HPV-induced malignancies, such as precanceous lesions of cervical cancer. The major shareholders of the Company are BMI, Sarsia Seed and the investors.
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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