Vicore Pharma: KOL & Mgmt Takeaways, buloxibutid's IPF positioning upd...

Yesterday, we attended a lunch organized by Vicore’s management with Dr. Francesco Bonella, an IPF specialist based in Germany who has advised companies such as Boehringer Ingelheim, Roche, Galapagos, and BMS in the development of compounds for rare lung diseases. Dr. Bonella is also an investigato

Vicore Pharma: Phase 2b ASPIRE trial making good progress

Vicore Pharma reported its Q1'25 results which mainly focused on balance sheet items and a recap of corporate achievements for the quarter, with notably i) a cash position at SEK1,049m, and ii) opex stable at SEK91.5m (vs SEK99.3m). We are encouraged to see the good progress in the phase 2b ASPIRE

Q1: Good progress with ASPIRE

Nel (Sell, TP: NOK1.50) - In hope they trust

Q1 revenue missed consensus by 29% and our estimate by 38%. Despite industry-wide challenges, Nel remains optimistic on new orders – although it last booked a sizeable order in late-2022. On the positive side, cash of NOK2.1bn provides investors with decent time optionality awaiting a better market (we do not expect a liquidity injection), added to which it has a good technology track record and know-how. We reiterate our SELL and NOK1.5 target price.

Full stop in Alkaline

Energy Morning - 30 April 2025

Nel: poor Q1 results

This morning, Nel has reported Q1 2025 revenue at NOK155m (-63% QoQ, -44% YoY), 37% below cons. at NOK245m. The quarter was impacted by temporary production halts, with a significant slowdown in the alkaline division negatively impacting (-69% YoY) the scale and the revenue mix. EBITDA loss stood a

Q1 weaker, no improvements in sight

Nel (Sell, TP: NOK1.50) - No signs of life on the horizon

With no meaningful orders secured since late 2022, weak backlog coverage for 2025e, production facility shut-ins, an uncertain market outlook, and further uncertainties related to its US expansion plans, challenging times are set to remain. While we are in line with consensus ahead of the Q1 report, our 2025e revenues and EBTIDA are 30% and 52% below consensus, respectively, with weak backlog coverage even on our estimates. Focus ahead should be on maintaining the liquidity runway and any equity...

In a tough spot

Energy Morning - 31 March 2025

Nel: USD6m PEM order

Yesterday evening, Nel announced it had received a USD6m PEM order from Collins Aerospace on the back of its long-lasting and exclusive supply agreement for prolonged underwater submarine operation equipment. Deliveries will take place over several years starting in late 2025. This capitalises on P

Energy Morning - 28 March 2025

Energy Morning - 12 March 2025

Expanding reach and extending liquidity

Medistim ASA: 1 director

A director at Medistim ASA bought 860,735 shares at 151.000NOK and the significance rating of the trade was 88/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...

Medistim (Hold, TP: NOK172.00) - Higher sales and costs

Q4 revenue of cNOK151.1m was a quarterly record, reflecting strong growth in Americas and Europe. However, the EBIT margin was lower than expected due to various investments in the business (including the new INTUI software launch, ICC meeting and CMD in London, and patent study and recruitment costs), in addition to the temporarily higher expenses related to the recent establishment of direct sales operations. We reiterate our HOLD and NOK172 target price.

Cash preservation mode

Vicore Pharma (Buy, TP: SEK38.00) - Focus on ASPIRE recruitment

The Q4 report was a non-event in our opinion, and we expect the market to focus on the recruitment pace for the ongoing phase IIb ASPIRE trial in IPF. The trial started recruiting in H2 2024 and c32 of a total 92 clinics are now actively recruiting patients. We expect the trial recruitment to be completed in early 2026 and data read-out in H1 2027 (52 weeks of treatment). We reiterate our BUY and SEK38 target price.

(En-)rolling into 2025