Vicore Pharma (Buy, TP: SEK55.00) - Adding another piece of the puzzle
Vicore Pharma reported a greater-than-expected operating loss in Q3, mainly due to larger R&D spending. We see no drama in this as R&D costs can be volatile between quarters due to the timing of invoices. We have shifted some costs from 2022e back to 2021e but our underlying assumptions remain fairly unchanged. Results from an extension study in Covid-19 showed that patients treated with Vicore Pharma’s asset had a 50% reduction in lung injury compared to placebo, and while this is a small patient sample, we believe it adds another piece of the puzzle. We have made minor changes to our 2021–2022 estimates and reiterate our BUY and SEK55 target price.Vicore Pharma Holding AB is a Sweden-based drug-development company. The Company's portfolio contains small molecules with potential indications, including anti-inflammation, nerve generation and cardiovascular disease. The Company is a wholly owned subsidiary of Mintage Scientific AB.
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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