NOK605.7m market cap

NOK7.96 last close

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 next-generation oncolytic viruses in its preclinical R&D pipeline.

Investment summary

Targovax has announced that one of the trials with ONCOS-102, which is sponsored by Ludwig Institute for Cancer Research, will be in the spotlight at this year’s ASCO meeting. This is an open-label Phase I/II trial that is exploring the combination of intraperitoneally delivered ONCOS-102 and systemically administered checkpoint inhibitor durvalumab (anti-PD-L1, Imfinzi, AstraZeneca) in patients with ovarian or colorectal cancers metastasised to the peritoneum. An abstract from the dose-escalation part of the trial will be presented at ASCO. Although Targovax is not sponsoring the trial, this may become a new opportunity for the company. Targovax’s two lead trials with ONCOS-102 in melanoma and mesothelioma are on track to deliver data later this year. Our valuation is virtually unchanged at NOK1.52bn or NOK20.0 per share.

Y/E Dec
Revenue (NOKm)
EPS (fd) (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 (134.5) (134.5) (193.25) N/A N/A
2021E 0.0 (136.6) (136.6) (179.85) N/A N/A
Industry outlook

CPIs have gained popularity over the past several years, although a large proportion of patients do not respond to them. Targovax’s oncolytic virus technology is designed to prime immune response to cancers, which offers synergies for use in combination with other immunoncology therapies.

Last updated on 28/05/2020
Share price graph
Balance sheet
Forecast net debt (NOKm) 23.5
Forecast gearing ratio (%) 9
Price performance
Actual 3.5 26.4 62.1
Relative* (0.3) 31.7 85.0
52-week high/low NOK10.2/NOK3.7
*% relative to local index
Key management
Øystein Soug CEO
Torbjørn Furuseth CFO
Renate Birkeli Investor Relations