NOK413.9m market cap

NOK5.44 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 started 2020 with the first randomised data readout from its Phase I/II trial with oncolytic virus ONCOS-102 in unresectable mesothelioma. The company will present further data in H120. Interim results released in July 2019 from Part 1 of the Phase I trial with ONCOS-102 in refractory melanoma were the hallmark event last year. More data from this trial are also expected later this year (H220). We note that Targovax is a biotech company, therefore the ongoing turbulence in global markets has a limited effect on its long-term outlook, in our view. Moreover, Targovax completed a private placement earlier this year, which provides a cash runway. On Friday 20 March, the company issued a statement confirming that the key milestones should be achieved within planned timelines. Our valuation is NOK1.53bn or NOK20.1/share (vs NOK19.9/share previously).

Y/E Dec
Revenue (NOKm)
EPS (öre)
P/E (x)
P/CF (x)
2018A 0.0 (145.8) (147.3) (279.0) N/A N/A
2019A 2.3 (146.2) (147.9) (243.0) N/A N/A
2020E 0.0 (144.5) (144.5) (208.0) N/A N/A
2021E 0.0 (146.6) (146.6) (193.0) 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 31/03/2020
Share price graph
Balance sheet
Forecast net debt (NOKm) 33.1
Forecast gearing ratio (%) 13
Price performance
Actual (13.7) (37.6) (19.0)
Relative* (0.5) (18.5) 3.1
52-week high/low NOK10.2/NOK3.7
*% relative to local index
Key management
Øystein Soug CEO
Torbjørn Furuseth CFO
Renate Birkeli Investor Relations