NOK613.4m market cap

NOK6.91 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

Together with the positive Phase I/II mesothelioma trial, Targovax has introduced a preliminary design for its next trial. The new study will explore ONCOS-102 in triple combination with a checkpoint inhibitor (CPI) and standard chemotherapy. Although plans for the next study are still at a preliminary stage, there is potential for it to become a pivotal programme due to a high unmet need in mesothelioma. The private placement completed on the back of the trial results provides confidence that preparations for advanced ONCOS-102 development in mesothelioma will continue at a strong pace. Consequently, we increase the probability of success and our updated valuation is NOK1.5bn or NOK19.9/share.

Y/E Dec
Revenue (NOKm)
EPS (fd) (öre)
P/E (x)
P/CF (x)
2017A 0.0 (119.6) (122.3) (258.06) N/A N/A
2018A 0.0 (145.8) (147.3) (279.43) N/A N/A
2019E 0.0 (135.9) (136.2) (234.94) N/A N/A
2020E 0.0 (120.4) (120.7) (173.47) N/A N/A
Industry outlook

CPIs have gained popularity over the past several years, however, 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 25/02/2020
Share price graph
Balance sheet
Forecast net cash (NOKm) 18.8
Forecast gearing ratio (%) N/A
Price performance
Actual (15.6) 58.0 5.1
Relative* (14.6) 53.9 3.1
52-week high/low NOK11.0/NOK4.3
*% relative to local index
Key management
Øystein Soug CEO
Torbjørn Furuseth CFO
Renate Birkeli Investor Relations