NOK348.6m market cap

NOK5.5 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

Both lead clinical trials with ONCOS-102 are expected to deliver results over the next few months, which will make H120 one the most eventful periods in Targovax’s history. Data from Phase I/II trial in mesothelioma are expected in January 2020, whereas data from the Phase I melanoma study are expected in H120 or ‘before summer’, according to Targovax. Clinical data readouts should be supplemented by preclinical studies with the second-generation oncolytic viruses, which Targovax introduced for the first time in the Q319 results presentation. Our valuation is almost unchanged at NOK1.18bn or NOK18.7/share (vs NOK18.6/share previously).

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) (190.78) 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 04/12/2019
Share price graph
Balance sheet
Forecast net cash (NOKm) 18.8
Forecast gearing ratio (%) N/A
Price performance
Actual 11.1 8.5 (37.6)
Relative* 13.6 5.0 (36.1)
52-week high/low NOK11.0/NOK4.3
*% relative to local index
Key management
Øystein Soug CEO
Torbjørn Furuseth CFO
Renate Birkeli Investor Relations