Vicore Pharma (Buy, TP: SEK55.00) - Waiting for first patient in
The Q2 results were in line with our expectations. The company still has a comfortable financial position of cSEK514m, and we forecast a runway until H2 2022. We initially expected the Covid-19 study’s ‘first patient in’ to be enrolled during Q2, and now expect it imminently. We have updated our revenue assumption for the Covid-19 option – cutting sales and assuming a longer tail. Our valuation now implies cSEK14/share potential from the project. As a result, we have lowered our target price to SEK55 (57) but reiterate our BUY.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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