NOK485.4m market cap

NOK6.38 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 is an immunoncology company specialising in oncolytic viruses. ONCOS-102 is a genetically engineered adenovirus being tested in advanced melanoma, mesothelioma, peritoneal malignancies and prostate cancer. In June 2020, Targovax reported follow up data from the Phase I/II study (n=31) in mesothelioma. The mPFS for ONCOS-102-treated first-line patients remained at 8.9 months (unchanged) vs 6.8 months in the control arm. The 12-month OS was 64% in the ONCOS-102-treated first-line patients versus 50% in the first-line control arm. In July 2019, Targovax announced ORR and immune activation data from Part 1 of the ONCOS-102 Phase I study of patients with advanced melanoma. The initial data showed 33% ORR, which is promising in this setting. In Part 2 of this study, the patients receive a much more intensive ONCOS-102 dosing regimen.

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 11/08/2020
Share price graph
Balance sheet
Forecast net debt (NOKm) 23.5
Forecast gearing ratio (%) 9
Price performance
Actual (2.3) (25.9) 10.0
Relative* (8.8) (32.8) 13.7
52-week high/low NOK10.2/NOK3.7
*% relative to local index
Key management
Øystein Soug CEO
Torbjørn Furuseth CFO
Renate Birkeli Investor Relations