Ultimovacs (Buy, TP: NOK125.00) - Strong data warrants higher LOA

Ultimovacs’ abstract for the ASCO conference (full presentation on 4 June) revealed strong data, in our view, justifying a higher LOA for UV1 in malignant melanoma (up from 20% to 30%). As UV1 is a universal cancer vaccine, the strong data in melanoma has positive implications for the other indications being investigated. Hence, we have also adjusted the LOAs for some of the other projects moving forward at a good pace. We reiterate our BUY and have raised our target price to NOK125 (87) on the ...