SEK2621.9m market cap

SEK151.4 last close

Immunovia is a Swedish company, specialised in diagnostics for oncology and autoimmune diseases. Its main product is IMMray PanCan-d, an antibody microarray based on its proprietary IMMray platform. A prospective trial in high-risk patients will start in Q416. The company expects to generate initial out-of-pocket sales in 2018.

Investment summary

Immunovia has announced that it needs to optimise the algorithms used in the IMMray PanCan-d test in high-risk patients due to sample collection-related variability, which will delay the first sales of the product for a year from late 2018 to late 2019. Separately, Immunovia has shown the IMMray platform can differentiate between healthy and lung cancer samples with 95% accuracy. On the autoimmune front, IMMray has proven efficacious in detecting patients with rheumatoid arthritis (RA) who tested negative for antibodies against cyclic citrullinated peptides (CCP) with 90% accuracy, allowing a potential increase of up to 30% in detection rate. Both studies will be validated in further trials. Net cash at end H118 was SEK447.2m. Our updated valuation is SEK3.5bn vs SEK3.6bn before.

Y/E Dec
Revenue (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2016A 24.5 (14.4) (14.7) (98.0) N/A N/A
2017A 24.2 (44.3) (45.2) (267.0) N/A N/A
2018E 29.9 (72.5) (74.2) (400.0) N/A N/A
2019E 22.6 (85.8) (88.8) (456.0) N/A N/A
Last updated on 15/02/2019
Industry outlook

Immunovia is targeting a potential market of over SEK41bn and has now made a strategic decision to focus on RA in immune diseases. The company’s goal is to reach SEK250-300m in turnover in 2022 from self pay and a turnover of SEK800-1,000m in 2024 after reimbursement.

Last updated on 15/02/2019
Share price graph
Balance sheet
Forecast net cash (SEKm) 404.2
Forecast gearing ratio (%) N/A
Price performance
Actual 9.2 2.3 67.3
Relative* 1.4 (4.1) 60.3
52-week high/low SEK265.0/SEK85.6
*% relative to local index
Key management
Mats Grahn CEO
Hans Liljenborg CFO