Nordic Nanovector (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued coverage of Nordic Nanovector due to a reallocation of analyst resources. Our last published recommendation, target price and estimates should no longer be relied upon.

Nordic Nanovector (No_rec, TP: NOK) - Proposed merger with APIM Therap...

Nordic Nanovector has concluded its strategic review, and the outcome is a proposed merger with the unlisted Norwegian company APIM Therapeutics. Under the proposed terms of the merger, the owners of APIM Therapeutics are set to have c76% of the combined entity, while Nordic Nanovector’s owners would have c24%. An EGM has been scheduled for 1 December or thereabouts and, if approved, the transaction should close in late Q4. We have removed our recommendation and target price following the strate...

Nordic Nanovector - Terminating coverage

ABGSC ceases coverage of Nordic Nanovector SELL is our final recommendation NOK 1.5 is our final target price

Nordic Nanovector (Hold, TP: NOK1.60) - Limited visibility on strategi...

The decision to terminate the PARADIGME phase IIb trial in Q2 clearly has major repercussions for Nordic Nanovector given it was the most mature development project in its pipeline. Operations have already been drastically downsized, with c70% of personnel laid off. No new data or real explanation for the weak efficacy in the trial was given, and with limited value in the early-stage pipeline in our view, we value the company at its end-2022e cash position. We reiterate our HOLD and NOK1.6 targe...

Nordic Nanovector - Q2 report

Company restructure leads to 70% staff reduction NOK ~185m in study closing costs leaves NOK ~100m Webcast today at 8:30 am CET

Sector Fast Comment - Entering a new era of US drug price control

Pushes and pulls in Biden’s Inflation Reduction Act 2022 Max impact ’26–early ’30s, possible mitigations thereafter Negative but manageable for AZN, biotech largely spared

Nordic Nanovector - The end of a PARADIGME

Unclear loss of efficacy lowers confidence in CD37 target Limited cash + investor discontent put future at risk Down to SELL (Hold), new TP of NOK 1.5/share

Nothern Ligths

Nordic Nanovector (Hold, TP: NOK1.60) - Terminating lead compound

On 21 June, when Nordic Nanovector first released the negative news about the PARADIGME trial, we placed our recommendation and target price under review. We have reinstated these, with a HOLD and a target price of NOK1.6, which would value the company at its year-end cash position. The interim analysis of the PARADIGME trial data showed significantly weaker efficacy than expected. The data was not strong enough to justify further development of the Betalutin product. We believe this puts the co...

Nordic Nanovector - Trouble in PARADIGME

Review concludes Betalutin efficacy lower than expected Uncertainty remains and negative outcomes more likely Significant negative share price reaction expected

Nordic Nanovector (No_rec, TP: NOK) - Weaker than expected data

Today the company announced that the independent expert panel had reported that efficacy from the PARADIGME trial was less promising than what had been seen before in the phase IIa trial LYMRIT 37-01. It is delaying the data read-out and the Q2 report, and is seeking regulatory feedback on how to progress. This is significantly negative news for the shares, and we have placed our recommendation (previously BUY) and target price (previously NOK21) under review.

Nordic Nanovector - PARADIGME: Too many uncertainties

Scope and outcome of PARADIGME review too unclear Readout likely delayed, risk of a new share issue Down to HOLD with a new TP of NOK 8 (27)

Nordic Nanovector (Buy, TP: NOK21.00) - Interim data read-out in the m...

Nordic Nanovector announced today that it has commissioned an Independent Data Evaluation of the PARADIGME trial. We believe this is a response to the slow rate of recruitment (it also announced that no new patients had been enrolled since the Q1 report). The company will, in addition, evaluate what can be done to increase the recruitment rate. Our take is that it needs to present some data from the trial to be able to refinance. The full data read-out will also most likely be delayed.

Nordic Nanovector - PARADIGME update

Poor recruitment continues, 0 patients included in May Review of PARADIGME and independent data evaluation H2’22 readout looking unlikely; negative for share

Sector Fast Comment - ABG Life Science Summit 2022

51 Nordic life science companies – replay links attached Fireside chats with AstraZeneca, Novo Nordisk, and Sobi Key takeaways

Northern Lights

Nordic Nanovector (Buy, TP: NOK21.00) - Recruitment disappoints

Q1 saw weak recruitment, with only two new patients added to the PARADIGME trial. As of 12 May, the trial had 108 patients (of 120 needed), making it uncertain whether the company can deliver on its commitment of presenting top-line data by end-2022. We still believe the data, when it finally comes, will be positive, but the doubt over timing has led us to cut our target price to NOK21 (26). However, we reiterate our BUY.

Nordic Nanovector - Q1’22 report: slower recruitment

PARADIGME recruitment slower than expected 108 out of 120pts recruited; readout guidance maintained Expected negative share price reaction

Nordic Nanovector - The final sprint towards PARADIGME results

14 patients left in PARADIGME, top-line data in H2’22 RCT may be required for future approvals of PI3K inhibitors Keep BUY: estimate changes and new TP of NOK 27 (37)

Nordic Nanovector (Buy, TP: NOK26.00) - Trial recruitment still top pr...

Nordic Nanovector announced in early January that recruitment for the PARADIGME trial had been slower than envisaged, delaying expected data read-out from H1 2022 to H2 2022. The company also raised more capital recently, which we estimate means it has enough cash to last beyond that important data read-out. We have lowered our 2022–2023e EPS by c4% after factoring in the capital raised and higher share count, as well as the delayed PARADIGME data read-out. We reiterate our BUY, but have cut our...