Swedish Orphan Biovitrum AB: 1 director

A director at Swedish Orphan Biovitrum AB bought 10,000 shares at 288.000SEK and the significance rating of the trade was 75/100. 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 tw...

Getinge (Buy, TP: SEK240.00) - Uncertainty regarding FDA issues

Getinge yesterday hosted a meeting to discuss its new long-term financial targets, where it also commented on the recent FDA communication to healthcare facilities in the US advising users to transition away from Getinge’s equipment in cardiopulmonary and cardiac assist. However, the company has limited visibility on the size of the financial impact. We reiterate our BUY, but have lowered our target price to SEK240 (255).

PhotoCure (Buy, TP: NOK87.00) - Solid start to the year

A 3% outperformance on Q1 sales versus our estimate and consensus together with lower operating expenses helped EBITDA beat our forecast by 193% (but cNOK5m in absolute terms). Management reiterated its guidance for 6–9% organic product sales growth in 2024 and positive EBITDA (excluding business development costs). We reiterate our BUY and NOK87 target price.

Intriguing company transformation in progress

7% CER growth, 19-23% EBIT beat and now net cash positive. Company being reshaped, pipeline strengthening. Attractive 12% FCF yield, company becoming stronger.

Mounting concerns

Increased uncertainty of earnings development. Adj. EBITA revised down 2.3%-4.5% for '24e-'26e. HOLD maintained, TP down to SEK 198 (225)

Novo Nordisk AS: 1 director

A director at Novo Nordisk AS sold 9,000 shares at 915.500DKK and the significance rating of the trade was 100/100. 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...

Flattening revenues AND bulky valuation

Q2 largely inline with pre-announcement. Q2 was the peak for growth, H2 revenues flattening out. At 71x P/E Ambu needs time to grow into its bulky valuation.

Ambu (Buy, TP: DKK138.00) - Guidance still looks conservative

Having pre-released Q2 headline numbers and increased the 2024 guidance in mid-April, today’s detailed results provided few surprises. However, the important Endoscopy sales were slightly better than expected, and we find today’s guidance for >15% organic growth YOY (previously c15%) for that part of company still conservative, with potential for a further rise with the Q3 results. We reiterate our BUY and have increased our target price to DKK138 (130).

New financial targets and business update

Egetis Therapeutics - Initiation of coverage - A rare opportunity

Egetis Therapeutics is a biotech company with a focus on rare diseases. Lead compound Emcitate (targeting MCT8 deficiency) is under registration in Europe, and a pivotal trial is ongoing in the US. Despite Emcitate’s advanced stage of development, the stock has been rangebound of late: in our view this offers an attractive entry point. We initiate coverage with a BUY and SEK18 target price.

Good start but sales commission still too high

Solid start in Q1. Higher sales commissions weigh down on EBIT in '25e-'26e. Fair value revised down to SEK 8-15 (9-16).

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2024

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Nykode Therapeutics (Buy, TP: NOK31.00) - Q1 report and Merck collabor...

While the Q1 report contained no large surprises (the expected upcoming events near-term seem on track), the company also announced a collaboration with MSD (Merck) to evaluate VB10.16 in combination with KEYTRUDA (pembrolizumab) in patients with HPV16-associated high-risk locally advanced cervical cancer. Management is due to present the results at a live-streamed webcast at 16:00 CET today.

Q1 report: building the platform

Solid Q1

GN Store Nord : Positive momentum to continue

>GN Store Nord – One company to create more synergies - The capital market day of GN Store Nord focused on unfolding the value of its divisions by rising synergies through the transformation into one company. The key trends supporting the company are health awareness, hybrid work normalisation, gaming becoming mainstream, increased demand for personalised experiences and cutting-edge technology advancements. We expect that these trends will continue to support the org...