Vicore Pharma (Buy, TP: SEK57.00) - Getting ready for Covid-19 trial
The cSEK48m operating loss was much better than our estimate, explained by lower R&D spend than expected, as we had assumed more costs associated with the upcoming phase III trial in Covid-19 in the quarter. We have updated our assumptions on the timing of costs and now expect a more gradual uptick and a longer tail, in 2021 and for the Covid-19 project as a whole; however, our total R&D cost assumption is unchanged. We reiterate our BUY and SEK57 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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