NOK369.9m market cap

NOK5.67 last close

Targovax is an immuno-oncology company headquartered in Oslo, Norway, with two technology platforms that are being developed in a number of oncological indications. ONCOS-102 is an oncolytic virus technology. TG is a therapeutic cancer vaccine platform comprising of peptides mimicking the most common RAS oncogenic mutations.

Investment summary

Targovax is an immuno-oncology (IO) company specialising in two distinct, but complementary immune activator approaches. ONCOS-102 is a genetically engineered adenovirus being tested in advanced melanoma, mesothelioma, peritoneal malignancies and prostate cancer. The next ONCOS-102 data is expected in H119 (Phase I melanoma), and around New Year (Phase I/II mesothelioma). Targovax has also been developing two mutant RAS-specific neo-antigen vaccines from its TG platform. Phase 1b data on TG02 in colorectal cancer and new 3 year data on TG01 in pancreatic cancer are expected in H119. Targovax is exploring options for further development of TG01 including collaborations. In March 2019, Targovax partnered with Zelluna for the development of mutRAS TCR therapies worth NOK100m in milestones and annual fees, and carried out a private placement raising NOK74m gross.

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 (139.9) (140.2) (266.35) N/A N/A
2020E 0.0 (136.9) (137.2) (260.75) N/A N/A
Last updated on 23/05/2019
Industry outlook

Checkpoint inhibitors (CPIs) gained popularity over the past several years, however, a large proportion of patients do not respond to CPIs. Both Targovax’s platform technologies are designed to prime immune response to cancers, which offers synergies for use in combination with other immuno-oncology therapies.

Last updated on 23/05/2019
Share price graph
Balance sheet
Forecast net debt (NOKm) 46.9
Forecast gearing ratio (%) 19
Price performance
Actual (11.3) (28.1) (62.9)
Relative* (6.9) (25.9) (60.8)
52-week high/low NOK17.7/NOK5.7
*% relative to local index
Key management
Øystein Soug CEO
Erik Digman Wiklun CFO
Renate Birkeli Investor Relations