OUTPERFORM: For the twelve months ahead, we see a reasonable valuation range between SEK220-240 per share suggesting 28-40% upside to the current share price. For 2020, we see a range between SEK270-300 per share suggesting 58-75% upside to the current share price.
Intense and important news flow ahead
The news flow from Immunovia will be very intense and important in the coming months and quarters. Regarding the company’s lead asset, IMMray PanCan-d, the last phase of the optimisation of the commercial signature and algorithm is ongoing, and results from the 1,600-sample test is planned to be reported by early June. The following step is a commercial test model study which will be conducted on 1,200 samples. Then, one verification study on known samples and one validation study on blinded samples, each of them including 600 samples, will be done using the locked signature. These studies are planned to be completed by early 2020. The company plans to make the first commercial shipments of IMMray PanCan-d based on self-pay shortly thereafter. In a retrospective study published in the Journal of Clinical Oncology in August 2018, which included more than 500 patients and 1,100 controls in Scandinavia and the US, pancreatic cancer was said to be diagnosed with 96% accuracy.
Marketing material commissioned by Immunovia AB