Northern Lights

Targovax (Buy, TP: NOK4.00) - Rebrand to Circio

Targovax announced its intention to rebrand as Circio to reflect its strategic shift to focus on further development of its proprietary and innovative circular RNA platform. Subject to shareholder approval, Circio Holding ASA will assume the Targovax ASA listing on Oslo stock exchange under the ticker CRNA.

Northern Lights

Northern Data Group - Continued progress as a diversified HPC provider

Northern Data Group demonstrated progress made in Q124 alongside a capital markets day update, as it takes further steps in becoming a diversified high-performance computing (HPC) infrastructure solutions provider. It expects to deploy 20,000 NVIDIA H100 graphic processing units in FY24, cementing its position as Europe’s foremost AI hardware cluster. Key to this, 85% of its H100 capacity has already been sold. Management’s ambitious guidance is unchanged, expecting revenue of €200–240m in FY24 and €520–570m in FY25, with adjusted EBITDA growing from €50–80m in FY24 to €300–350m in FY25. The s...

Oryzon Genomics - Doubling down on clinical activity in 2024

Oryzon’s Q124 results emphasised the company’s focus on advancing and expanding its CNS and oncology pipelines, driven by its core assets, vafidemstat and iadademstat. Operating performance was in line, with the lower opex (37% y-o-y decline to €3.2m) driven by reduced R&D spending following completion of the Phase IIb PORTICO trial. Notwithstanding the mixed PORTICO results in borderline personality disorder (BPD), we expect clinical activity to pick up in the coming months, with the initiation of the iadademstat combination studies in first-line AML (Phase Ib) and SCLC (Phase Ib/II) in Q224,...

AVAX - Strong pipeline reaffirmed

AVAX’s FY23 results highlight the group’s progress domestically as the market improved, more than offsetting the weaker international performance at the top-line and EBITDA level. We have downgraded our 2024 EPS estimates to reflect guidance on continued construction project delays. However, our forecasts incorporate a substantial y-o-y increase in profits, with both PBT and net income more than doubling, bolstered by a record order book of €3.3bn. Our fair value stands at €3.0/share (€3.2/share previously), indicating more than 100% upside potential.