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Analys

 

Vator Securities uppdragsanalys erbjuds till ett fåtal utvalda life science-bolag – ”By Invitation Only”.

 

Commissioned research: Immunovia AB

29 mars 2021

It may seem trivial to point out by now, but an accurate distinction between surveillance and screening is important in order to properly understand IMMray PanCan-d’s intended use, clinical utility offer and the parameters of importance to access the viability of the test to be included in guidelines and gaining broad reimbursement.

We still see confusion here.

Commissioned research: SciBase

13 november 2020

We believe SciBase has built the necessary enablers to accelerate its topline growth and embark on a positive trajectory in the same direction as local peers such as Senzime and Redsense Medical. With a market value of SEK 200m in contrast to Senzime’s and Redsense Medical’s values of approximately SEK 1.3bn and SEK 660m, respectively, there are clearly numerous essentials with deep value in SciBase’s case that are being overlooked.

We initiate coverage with an Outperform rating and a target price of SEK 7.5, corresponding to an equity value of SEK 413m non diluted.

Commissioned research: Immunovia AB

27 oktober 2020

Our jaws drop to the floor when we see the market selling Immunovia on the back of a press release that essentially confirmed the technical performance of IMMray PanCan-d, once again corroborating the robustness of the IMMray platform technology.

As expected, the verification study demonstrated outstanding diagnostic accuracy in line with the previous commercial test model study.

Commissioned research: Diamyd Medical

28 september 2020

As of September 15th, 2020, the company that was founded in 1984 delivered convincing top-line data – in line with medical consensus view of implementing precision medicine – consistently supporting positive effect of the first-in-class disease-modifying diabetes vaccine Diamyd® in a genetically defined group.

We initiate coverage with an Outperform rating. With a 50% LOA for the lead candidate Diamyd® and 18% LOA for Remygen® our risk-adjusted DCF valuation results in a value for Diamyd Medical of SEK 100 per share, corresponding to an equity value of approximately SEK 6.6 bn non diluted.

Commissioned research: Immunovia AB

10 juli 2020

In our latest research update on Immunovia, we presented our forecast of a future diagnostic regimen including a combination of proteomics and genomics-based techs to generate timely and correct diagnosis of cancer.

Published in the impactful Nature Communication Biology, Immunovia’s research arm and collaborator CREATE Health demonstrates the powerful combination of the two techs in its novel academic research project, the ProMIS platform.

Commissioned research: AlzeCure Pharma

7 juli 2020

AlzeCure has with its seven-project portfolio multiple shots at goal where each, while early stage, represents a potential multibillion-dollar opportunity.

We update our rating to Outperform and raise the target price to SEK 16 per share, corresponding to an equity value of approximately SEK 600m non-diluted, derived from risk-adjusted DCF valuation of ACD856 and ACD440. 

Commissioned research: Immunovia AB

1 juli 2020

By being at the forefront of proteomics-based technology, nearing launch of the first to market, outstandingly accurate blood-based test for early detection of pancreatic cancer, we see Immunovia as an apparent strategic target for acquisition.

We maintain the Outperform rating and raise the target price to 300 SEK per share, corresponding to an equity value of SEK 6.8 bn non-diluted, derived from a DCF valuation of the opportunity in pancreatic cancer.

Commissioned research: Xbrane Biopharma AB

2 juni 2020

Xbrane provides an exceptionally attractive exposure to the rapidly growing biosimilars market without the significant clinical and approval risk that is often present in biotech companies.

We maintain the Outperform rating and raise the target price to SEK 155 per share, corresponding to an equity value of SEK 3 billion non-diluted, derived from a project-based, risk-adjusted DCF valuation of the lead asset Xlucane with fairly conservative estimates; real-world data on biosimilars supports an even more bullish outlook.