Vicore Pharma (Buy, TP: SEK38.00) - ASPIRE now recruiting

The Q3 report was a non-event, but most importantly, the company initiated the phase IIb trial ASPIRE in patients with IPF in September. After quarter-end, it executed a capital increase, raising cSEK882m (before costs), which combined with cash at end-Q3 should take it to ASPIRE data read-out. We reiterate our BUY and SEK38 target price.

Looking towards ATRAG development

Q3: Advancing ASPIRE

Vicore Pharma: Time to execute on the phase 2b

Vicore Pharma reported its Q3'24 result with i) a cash position at SEK380.4m (excl. SEK882m capital increase), ii) EBIT SEK(60.1m), and iii) operating expenses at SEK61.3m. Moving into the Q4, the main priority will be to continue to activate clinical sites and enroll patients in the phase 2b ASPIR

Vicore Pharma: interesting play in the IPF space

On the back of its SEK882m capital increase and the start of a phase 2b trial with its lead asset buloxibutid in IPF, we take the opportunity to refresh our investment case on Vicore Pharma. Going into the phase 2b, we appreciate the diverse multi-modal MoA that buloxibutid presents which are relev

Vicore Pharma Holding AB: 1 director

A director at Vicore Pharma Holding AB maiden bought 42,500 shares at 7.030SEK and the significance rating of the trade was 68/100. 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 ...

Vicore Pharma (Buy, TP: SEK38.00) - Capital raise and phase IIb initia...

The company recently announced a rights issue of cSEK782m (before costs) and said the phase IIb trial ASPIRE had been initiated. We see a strong case in Vicore Pharma even though the capital raise and the CMC spend are larger than expected. That said, we note the company is not cutting corners when it comes to CMC. The terms and timelines have been announced and the dilution is larger than expected; hence, we have cut our target price SEK38 (70) but we reiterate our BUY.

ASPIRE starts and filling cash

Vicore Pharma (Buy, TP: SEK70.00) - Waiting for ASPIRE phase IIb to st...

The most important event for Vicore Pharma during Q2 was the release of the final data from the phase IIa AIR trial, which was once again very strong. Going forward, the phase IIb trial ASPIRE is in the process of being started; focus will likely be on the first patient recruited to the trial and subsequent recruitment rates. We have made only minor estimate adjustments following the Q2 report, and reiterate our BUY and SEK70 target price.

Q2: work in progress

Buloxibutid stands strong in IPF landscape

Benchmarking the AIR package vs. SoC and competitor data sets a promising stage ahead of ASPIRE start: BUY, TP SEK 77 (65).

AIR still clean

Vicore Pharma (Buy, TP: SEK70.00) - Waiting for more data

Vicore Pharma reported Q1 earnings last week. The report was a non-event and focus in the short term will be on the next data update from the AIR trial (set for the ATS meeting) on 19 May. In addition, the planned phase IIb trial, ASPIRE, is set to commence in H1, and we believe this trial could have data read-out in 2026 and potentially be seen as a registration trial. We reiterate our BUY and SEK70 target price.

Q1 report: drumming for clear AIR

Vicore Pharma (Buy, TP: SEK70.00) - Q4 in line with expectations

We believe the Q4 report was somewhat of a non-event, and adjusted for two writedowns of intangible assets, the operating loss was in line with our forecast. For 2024, we look forward to the commencement of the phase IIb trial ASPIRE for IPF, and expect additional follow-up data from the single arm trial AIR in H1. We reiterate our BUY and SEK70 target price.

Coverage update

Given team and strategy changes, Oscar Haffen Lamm is now assuming coverage of Medincell, Camurus, Valneva, Aelis Pharma, Abivax, Calliditas, Egetis Therapeutics, Basilea, Geneuro, Achilles, Valerio, Innate Pharma, Morphosys, Inventiva Pharma, Vicore, DBV Technologies, and Genfit.Maria Vara is now

Vicore Pharma (Buy, TP: SEK70.00) - Strengthening the balance sheet

Total operating costs were cSEK70m in Q2, while operating cash flow was cSEK-67m. With a capital raise of SEK500m (before issuance-related costs) during the quarter, we see a cash runway until 2025. The company stated its focus this year would be on preparing for the phase IIb ASPIRE trial in IPF, among others. We reiterate our BUY and SEK70 target price.

Northern Lights

Vicore Pharma (Buy, TP: SEK70.00) - Interim AIR data released

On 26 May, Vicore Pharma presented updated interim data from the AIR trial – the initial details having been released at the ATS meeting in the US last week. We still believe the interim data are strong and indicate that treatment with C21 could have a fundamentally different effect on IPF disease than other treatment options available or under development. We reiterate our BUY and SEK70 target price.

Northern Lights