Market CapNOK785m

Last Close -9.07

Targovax is an immunoncology company headquartered in Oslo, Norway, with an oncolytic virus platform, ONCOS. ONCOS-102 is currently prioritised in several indications including mesothelioma and melanoma. Targovax is also working on mutant RAS peptides and next-gen oncolytic viruses in its preclinical pipeline.

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Investment summary

In the space of a week, Targovax has reported the results from both its lead trials with ONCOS-102, an oncolytic virus. Data from the Phase I trial showed that 35% of anti-PD1 refractory patients with advanced, unresectable melanoma responded to ONCOS-102 plus Keytruda treatment. These data are Targovax’s most significant achievement to date and indicate ONCOS-102 was able to sensitise the refractory patients to anti-PD1 treatment again. The melanoma trial results were reported after an 18-month follow-up update from the second lead Phase I/II study with ONCOS-102 in mesothelioma. The median overall survival (mOS) has not been reached yet. In the ONCOS-102 arm, mOS will be 18.2 months or longer, while in the control arm (chemotherapy) mOS will be 14.2 months or less. Our updated valuation is NOK2.02bn or NOK23.3 per share.

Y/E Dec
Revenue (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2018A 0.0 (145.8) (147.3) (279.43) N/A N/A
2019A 2.3 (146.2) (147.9) (242.77) N/A N/A
2020E 0.0 (109.5) (109.5) (146.45) N/A N/A
2021E 0.0 (121.1) (121.1) (140.37) N/A N/A
Content on Targovax
Targovax – An excellent end to the year
Healthcare | research Update | 14 December 2020
T-cells attacking cancer cell illustration of microscopic photos
Targovax – Growing list of collaborations and more data in H2
Healthcare | research Update | 17 September 2020
T-cells attacking cancer cell illustration of microscopic photos
Targovax – Confirmatory 12-month mesothelioma update
Healthcare | research Update | 22 June 2020
T-cells attacking cancer cell illustration of microscopic photos
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Share price graph
Balance sheet
Forecast net cash (NOKm) 71.8
Forecast gearing ratio (%) N/A
Price performance
Actual (3.9) 35.4 24.3
Relative* (3.3) 13.7 20.2
52-week high/low NOK10.9/NOK3.7
*% relative to local index
Key management
Øystein Soug CEO
Torbjørn Furuseth CFO
Renate Birkeli Investor Relations