Kursmål 20 fra Carnegie
Oslo (Infront TDN Direkt): Carnegie mener at kursfallet i Nykode Therapeutics etter at selskapet valgte å avslutte VB-C-04 fase 2-studien for VB10.16 i avansert livmorhalskreft er en klar overreaksjon.
Det fremgår av en analyse torsdag.
"Etter betydelige investeringer i sin unike vaksineplattform, har Nykode oppnådd tidlig bevis på konsept i avansert livmorhalskreft, noe som tyder på en betydelig overlevelsesfordel sammenlignet med eksisterende behandlinger. Beslutningen om å avvikle utviklingen i denne indikasjonen skyldes ikke negativ klinisk data eller endringer i konkurranselandskapet, men reflekterer heller Nykodes strategiske omprioritering i et utfordrende finansieringsmiljø for biotekselskaper", heter det i analysen.
Ved å omfordele ressurser til høyere verdi prosjekter, vil selskapet forlenge sin likviditet og opprettholde rom for ytterligere investeringer i plattformen, inkludert den innovative inverse vaksinen for autoimmune sykdommer som kanskje er den mest innovative bruken av teknologien, mener meglerhuset.
Meglerhuset gjentar kjøpsanbefalingen og kutter kursmålet sitt på aksjen til 20 kroner, fra tidligere 28 kroner.
Det fremgår av en analyse torsdag.
"Etter betydelige investeringer i sin unike vaksineplattform, har Nykode oppnådd tidlig bevis på konsept i avansert livmorhalskreft, noe som tyder på en betydelig overlevelsesfordel sammenlignet med eksisterende behandlinger. Beslutningen om å avvikle utviklingen i denne indikasjonen skyldes ikke negativ klinisk data eller endringer i konkurranselandskapet, men reflekterer heller Nykodes strategiske omprioritering i et utfordrende finansieringsmiljø for biotekselskaper", heter det i analysen.
Ved å omfordele ressurser til høyere verdi prosjekter, vil selskapet forlenge sin likviditet og opprettholde rom for ytterligere investeringer i plattformen, inkludert den innovative inverse vaksinen for autoimmune sykdommer som kanskje er den mest innovative bruken av teknologien, mener meglerhuset.
Meglerhuset gjentar kjøpsanbefalingen og kutter kursmålet sitt på aksjen til 20 kroner, fra tidligere 28 kroner.
omvo
I dag kl 08:40
905
Fra ABG:
Nykode Therapeutics, NYKD NO: BUY, TP NOK 20.0 (80.0)
Healthcare, MCap EURm 293, SP NOK 10.49
Putting the brakes on
Very surprising discontinuation of C-04
VB10.16 refocus on LACC and HNSCC
Market worries about Genentech partnership
C-04 discontinued, NYK011 also out
Nykode announced yesterday morning that it will be discontinuing the C-04 trial in 2L recurrent/non-resectable metastatic cervical cancer in order to better focus its efforts in 1L locally advanced cervical cancer (LACC) (the C-05 setting) and 1L recurrent/metastatic HNSCC (C-03). According to management, this decision is based on delayed recruitment in the C-04 trial due to recent SoC changes (Tivdak), making it commercially less attractive. In addition, feedback from KOLs and potential future partners has been more skewed towards VB10.16's remaining two indications. Management repeatedly reassured that the discontinuation is neither data-driven nor connected to the Genentech deal and the partner's recent R&D reorganization. VB10.16 development costs are expected to be reduced by a minimum USD 25m. NYK011 has also been discontinued.
Share price overreaction
Following yesterday's announcement the share was punished by the market, which we believe was related to a loss of confidence in management, considering that C-04 was started up only relatively recently. The move away from 2L r/m CC was perceived as very abrupt. We speculate that management's decision could be related to a shift in strategy after discussions with MSD and KOLs on the opportunities in CC.
Valuation update
Following the VB10.16 reshuffle we update our valuation. We remove the 2L r/m CC from our model and include instead a model for high-risk locally advanced CC. At the bottom line, we still believe that Nykode as a platform company has a good intrinsic value foundation from its vaccibody platform, but we cut our risk adjustments and postpone potential market launch timelines for VB10.16 and all partner programmes. Adjusting for higher risk, we cut the vaccibody platform value and increase the WACC to 13%. BUY, TP NOK 20.
Nykode Therapeutics, NYKD NO: BUY, TP NOK 20.0 (80.0)
Healthcare, MCap EURm 293, SP NOK 10.49
Putting the brakes on
Very surprising discontinuation of C-04
VB10.16 refocus on LACC and HNSCC
Market worries about Genentech partnership
C-04 discontinued, NYK011 also out
Nykode announced yesterday morning that it will be discontinuing the C-04 trial in 2L recurrent/non-resectable metastatic cervical cancer in order to better focus its efforts in 1L locally advanced cervical cancer (LACC) (the C-05 setting) and 1L recurrent/metastatic HNSCC (C-03). According to management, this decision is based on delayed recruitment in the C-04 trial due to recent SoC changes (Tivdak), making it commercially less attractive. In addition, feedback from KOLs and potential future partners has been more skewed towards VB10.16's remaining two indications. Management repeatedly reassured that the discontinuation is neither data-driven nor connected to the Genentech deal and the partner's recent R&D reorganization. VB10.16 development costs are expected to be reduced by a minimum USD 25m. NYK011 has also been discontinued.
Share price overreaction
Following yesterday's announcement the share was punished by the market, which we believe was related to a loss of confidence in management, considering that C-04 was started up only relatively recently. The move away from 2L r/m CC was perceived as very abrupt. We speculate that management's decision could be related to a shift in strategy after discussions with MSD and KOLs on the opportunities in CC.
Valuation update
Following the VB10.16 reshuffle we update our valuation. We remove the 2L r/m CC from our model and include instead a model for high-risk locally advanced CC. At the bottom line, we still believe that Nykode as a platform company has a good intrinsic value foundation from its vaccibody platform, but we cut our risk adjustments and postpone potential market launch timelines for VB10.16 and all partner programmes. Adjusting for higher risk, we cut the vaccibody platform value and increase the WACC to 13%. BUY, TP NOK 20.
Redigert i dag kl 08:50
Du må logge inn for å svare
Gullhaugen
I dag kl 08:56
837
Her blir det voldsom Rekyl nå. Last opp fra start og Hold
Shot squeeze delux
Shot squeeze delux
Redigert i dag kl 08:56
Du må logge inn for å svare
elnomi
I dag kl 09:15
763
Dette er jo en ren vits etter gårsdagen skuffende melding. Her bør en bare holde seg unna fremover.
Billyjojimbob
I dag kl 09:32
707
Satser på det var overreaksjon og at det kommer fet rekyl,mulig 3 dg først,spennende tider👍
omac
I dag kl 10:07
563
går nok fort 10-30% i dag når algoene får roet seg, over 6 kroner er ordreboken slunken
X-43 scramjet
I dag kl 12:22
150
Nykode har vært kjip med investorer siste 2 årene. Kan den endelig snu denne høsten?