TARGOVAX 💉 We believe a deal with a large pharma company

asap3
TRVX 20.08.2020 kl 14:45 3019

https://imma.gr/l/93295x9196f



In our view, the Q2 results were a non-event. Opex was slightly lower than we expected and as a result the cash position at the end of the quarter was above our forecast. That said, we believe the company will need to raise some additional capital in the coming quarters (as the runway is less than 12 months on our estimates). The next catalyst for the shares will likely be the updated survival data for the mesothelioma phase II trial and immune activation data from the melanoma phase II trial, expected in H2 2020. We reiterate our BUY and NOK19 target price.

Q2 operating expenses lower than expected . The company reported an operating loss of cNOK30m compared to our estimate of a loss of cNOK36m. The deviation mainly related to lower external R&D costs (which are volatile between quarters as they are related to R&D activities). The company had a cash position of cNOK101m at quarter-end, slightly above our cNOK94m forecast.

Next triggers in the pipeline . The company should update the survival data from the ongoing mesothelioma phase II trial in H2. The 12-month data (released in June 2020) showed an mPFS in first-line patients of 8.9 months in the treatment group compared to 7.6 months for the control group. 12-month survival in the first-line treatment group was 64% compared to only 50% in the control group. In addition to updated data from this trial in H2, we should get data from the combination trial in melanoma with ONCOS-102 and Keytruda before year-end.

Larger phase II trial in mesothelioma with Merck to start in H1 2021e . This is an important collaboration as the data from the first mesothelioma trial suggests that patients achieve strong immune activation from the ONCOS-102 treatment and this should lead to a strong response to CPIs when used in combination. The aim is to include c100 patients randomised in a 1:1 split between ONCOS-102+Chemotherapy+Keytruda and only Chemotherapy+Keytruda.

Several new partnerships during Q2 . The company announced several new, early-stage development partnerships during the quarter, with leidos, Valo Therapeutics and Oblique Therapeutics. These are important for the longer-term pipeline development in our view but have a limited impact on the short-term value of the company.

BUY and NOK19 target price reiterated . We have factored in the company’s partner Iovaxis utilising its option to bring the TG01/TG02 vaccines forward in Greater China and Singapore, which will trigger a milestone payment to Targovax in Q4 this year. Overall, we believe the company is moving forward and that the data so far looks promising.


https://imma.gr/l/93295x9196f
Redigert 20.01.2021 kl 04:19 Du må logge inn for å svare
Knfo
01.09.2020 kl 15:09 2173

Her er det bare å posisjonere seg. Targovax kommer til å gå som en kule utover høsten.
quattro
04.12.2020 kl 22:13 1541

“At this point, we’re pretty confident that it will become part of standard of care for mesothelioma in the future,” Dr. Magnus Jaderberg, chief medical officer at Targovax, told The Mesothelioma Center at Asbestos.com. “This is exactly what we had hoped to see.”

https://www.asbestos.com/news/2020/12/03/promising-mesothelioma-immunotherapy-vaccine/
Redigert 04.12.2020 kl 22:16 Du må logge inn for å svare
focuss
05.12.2020 kl 09:24 1208

Quattro
Dette er den mest bull artikkel jeg har lest om norsk biotec på veldig lang tid, kanskje aldri.