Targovax — Confirmatory 12-month mesothelioma update

Targovax (NO: TRVX)

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Research: Healthcare

Targovax — Confirmatory 12-month mesothelioma update

On 22 June 2020 Targovax reported data from its Phase I/II study in unresectable mesothelioma (a follow up to the first data published in January 2020). There were no new safety issues and the efficacy signals seen in the first set of data were confirmed. Importantly, the immune and gene sequencing data provided strong support for ONCOS-102’s ability to activate the immune system and remodel the tumour microenvironment. Targovax reiterated its plans to explore ONCOS-102 in triple combination with a checkpoint inhibitor (CPI) and standard chemotherapy in first line. These plans are still at a preliminary stage, but there is potential for the study to become a registrational programme due to a high unmet need in mesothelioma. We increase the probability of success for ONCOS-102 and our updated valuation is NOK1.64bn or NOK21.6/share.

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Healthcare

Targovax

Confirmatory 12-month mesothelioma update

R&D news

Pharma & biotech

22 June 2020

Price

NOK7.8

Market cap

NOK593m

Net cash (NOKm) at end Q120 (excludes government loans) plus private placement

135.3

Shares in issue

76.1m

Free float

90%

Code

TRVX

Primary exchange

Oslo Stock Exchange

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

3.9

92.8

44.7

Rel (local)

0.3

66.5

62.7

52-week high/low

NOK10.2

NOK3.7

Business description

Targovax is an immunoncology company headquartered in Oslo, Norway, developing an oncolytic virus platform, ONCOS. ONCOS-102 is prioritised in several indications including mesothelioma and melanoma. Targovax is also working on next-generation oncolytic viruses in its preclinical R&D pipeline.

Next events

Cohort 2 data from Phase I melanoma

2020

Preclinical data on new oncolytic viruses

H220

Q220 results

20 August 2020

Analyst

Jonas Peciulis

+44 (0)20 3077 5728

Targovax is a research client of Edison Investment Research Limited

On 22 June 2020 Targovax reported data from its Phase I/II study in unresectable mesothelioma (a follow up to the first data published in January 2020). There were no new safety issues and the efficacy signals seen in the first set of data were confirmed. Importantly, the immune and gene sequencing data provided strong support for ONCOS-102’s ability to activate the immune system and remodel the tumour microenvironment. Targovax reiterated its plans to explore ONCOS-102 in triple combination with a checkpoint inhibitor (CPI) and standard chemotherapy in first line. These plans are still at a preliminary stage, but there is potential for the study to become a registrational programme due to a high unmet need in mesothelioma. We increase the probability of success for ONCOS-102 and our updated valuation is NOK1.64bn or NOK21.6/share.

Year end

Revenue (NOKm)

PBT*
(NOKm)

EPS*
(NOK)

DPS
(NOK)

P/E
(x)

Yield
(%)

12/18

0.0

(147.3)

(2.8)

0.0

N/A

N/A

12/19

2.3

(147.9)

(2.4)

0.0

N/A

N/A

12/20e

0.0

(134.5)

(1.9)

0.0

N/A

N/A

12/21e

0.0

(136.6)

(1.8)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Green light for the next stage

The mPFS for ONCOS-102-treated first-line patients remained at 8.9 months (unchanged from previously reported). mPFS in the control arm first-line patients treated with standard of care (SoC) chemotherapy only was 7.6 months (vs the 6.8 months reported previously). So, ONCOS-102 plus SoC retained the mPFS benefit. The 12-month overall survival (OS) was 64% in the ONCOS-102-treated first-line patients versus 50% in the first-line control arm. As a recent reference point, durvalumab (anti-PD-L1) plus SoC achieved 70% OS at 12 months (ASCO 2020 data). Due to the expected complementary mechanism of action between ONCOS-102 and CPIs, the triple combination of ONCOS-102 plus CPI plus SoC can be expected to have an even more pronounced survival benefit. This will be Targovax’s goal in the upcoming trial.

Next steps

Median OS data are still not mature and will be reported in the future, but other than that the results can be considered final. While the size of the study limited the analysis for statistical significance of clinical effect (this was not the goal of the study), the trending mPFS and 12-month OS data and the fact that clinical outcomes seem to correlate with a cancer-specific immune response, are clearly positive signals. The good safety profile of ONCOS-102 is key for a viable triple combination therapy, as both chemotherapy and CPIs have known safety issues.

Valuation: NOK1.64bn or NOK21.6/share

Our valuation has increased to NOK1.64bn or NOK21.6/share from NOK1.52bn or NOK20.0 after increasing the success probability in our mesothelioma project to 25% from 20% and rolling the model forward. An update on the upcoming Phase I melanoma trial is the key potential catalyst this year.

Updated Phase I/II mesothelioma trial confirms further development pathway

On 22 June 2020 Targovax reported randomised data from the Phase I/II study (n=31) in unresectable malignant pleural mesothelioma. The randomised, open-label trial compared ONCOS-102 plus SoC (pemetrexed/cisplatin) versus SoC-only treatment in first- and second-line settings. In total, 31 patients were enrolled, with 20 patients assigned to the ONCOS-102 plus SoC arm and 11 patients to the SoC-only arm. The primary goal of the study was to evaluate the safety and tolerability of ONCOS-102, which is typical for this stage. Key secondary endpoints evaluated:

Tumour-specific immunological activation and T-cell tumour infiltration.

Immunological activation and correlation with a clinical response.

Overall response rate (ORR).

Median progression-free survival (mPFS).

OS (at 12 months available; data will continue to mature).

In addition to the overall results, first-line and second-line (or later) patient subpopulations were also evaluated.

Exhibit 1: Phase I/II mesothelioma study design

Source: Targovax

Efficacy signals at 12-month follow up: First-line patients identified as a target population

In the previously reported data (January 2020), Targovax identified first-line patients as the most rational target population and the preliminary plans for the next trial also include first-line mesothelioma patients. In addition, we believe the data were biased in the second-line patients in the control arm (unusually high response), likely due to the small number of patients (n=5). Economically, it also makes sense to focus on the front-line patients, as this ensures the largest pool of new patients. Since mesothelioma is not a crowded indication, Targovax will have a good chance competing for the front-line position, if the data in the late stage development are good.

In addition, we note that descriptive patient data showed that the experimental arm had generally more advanced patients (as shown in our January 2020 report), and there was therefore a relatively higher hurdle rate for ONCOS-102 to demonstrate efficacy against the control.

mPFS

The mPFS for ONCOS-102 treated first-line patients remained at 8.9 months (ie, the same as previously reported). mPFS in the control arm first-line patients treated with SoC chemotherapy only was 7.6 months vs 6.8 months reported previously. So, ONCOS-102 plus SoC retained the mPFS benefit. As this was a relatively early stage trial, it was not designed to check for a statistically significant clinical effect, but the trend seems pronounced. ONCOS-102 mPFS also compares well with historical controls, which fall in the range of 5.7–7.3 months.

12-month OS

The 12-month OS was 64% in the ONCOS-102 treated first-line patients vs 50% in the first-line control arm. Median OS data are too early and will be reported in the future. For comparison, results from a Phase II study with 55 patients presented at this year’s ASCO conference (May 29–31) showed that durvalumab (anti-PD-L1) plus SoC achieved 70% OS at 12 months. Mesothelioma remains one of the few cancers where the SoC is still a classical chemotherapy with no new treatments approved. There is a high interest in the use of CPIs in this indication and several trials are ongoing, but none are approved yet. Due to the expected complementary mechanism of action between ONCOS-102 and CPIs (described in our initiation report in detail), the triple combination of ONCOS-102 plus CPI plus SoC can be expected to have an even more pronounced survival benefit. This will be the primary goal for Targovax in the next trial in this indication.

Immunological data

The updated immunological data confirmed previous findings:

The activation of both innate and adaptive immune responses was observed, which was also associated with better clinical outcomes.

Evidence that ONCOS-102 drives favourable changes in the tumour microenvironment:

increase in intra-tumoral cytotoxic T-cells;

upregulation of adaptive immunity and cytotoxicity related gene expression;

macrophage phenotype polarisation from M2 to M1; and

upregulation of PD-L1 expression.

These changes were not observed to such an extent in patients who were treated with SoC only. This shows that patients can be sensitised to other immunoncology therapies like CPIs. We also note that in this particular trial the patients received chemotherapy and immunotherapy (ONCOS-102). Immunosuppression (or myelosuppression) is a known side effect of chemotherapy, especially in cisplatin’s case. Therefore, the fact that ONCOS-102 generated a strong immune response in such a setting is encouraging.

Valuation

Our valuation has increased to NOK1.64bn or NOK21.6/share from NOK1.52bn or NOK20.0 after increasing the success probability in our mesothelioma project to 25% from 20% and rolling the model forward. An update on the upcoming Phase I melanoma trial is the key potential catalyst this year.

Exhibit 2: Sum-of-the-parts Targovax valuation

Product

Launch

Peak sales
($m)

Unrisked NPV (NOKm)

Unrisked NPV/share (NOK)

Probability (%)

rNPV
(NOKm)

rNPV/share (NOK)

ONCOS-102 – advanced melanoma

2025

590

2,925.5

38.4

15%

744.4

9.8

ONCOS-102 – mesothelioma

2026

424

2,315.8

30.4

25%

761.3

10.0

Net cash, last reported

135.3

1.8

100%

135.3

1.8

Valuation

5,376.6

70.7

1,641.0

21.6

Source: Edison Investment Research. Note: WACC = 12.5% for product valuations. Excludes conditional government long-term loans.

Exhibit 3: Financial summary

NOK'000s

2018

2019

2020e

2021e

December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

27

2,251

0

0

Cost of Sales

0

0

0

0

Gross Profit

27

2,251

0

0

Research and development

(64,006)

(80,286)

(60,103)

(59,913)

EBITDA

 

 

(145,804)

(146,247)

(134,508)

(136,550)

Operating Profit (before amort. and except.)

 

 

(146,100)

(150,273)

(134,508)

(136,550)

Intangible Amortisation

0

0

0

0

Exceptionals

0

0

0

0

Other

0

0

0

0

Operating Profit

(146,100)

(150,273)

(134,508)

(136,550)

Net Interest

(1,249)

2,423

0

0

Profit Before Tax (norm)

 

 

(147,349)

(147,850)

(134,508)

(136,550)

Profit Before Tax (reported)

 

 

(147,349)

(147,850)

(134,508)

(136,550)

Tax

334

321

0

0

Profit After Tax (norm)

(147,015)

(147,529)

(134,508)

(136,550)

Profit After Tax (reported)

(147,015)

(147,529)

(134,508)

(136,550)

Average Number of Shares Outstanding (m)

52.6

60.8

69.6

75.9

EPS - normalised (NOK)

 

 

(2.79)

(2.43)

(1.93)

(1.80)

EPS - normalised fully diluted (NOK)

 

 

(2.79)

(2.43)

(1.93)

(1.80)

EPS - reported (NOK)

 

 

(2.79)

(2.43)

(1.93)

(1.80)

Dividend per share (NOK)

0.0

0.0

0.0

0.0

Gross Margin (%)

100.0

100.0

N/A

N/A

EBITDA Margin (%)

N/A

N/A

N/A

N/A

Operating Margin (before GW and except.) (%)

N/A

N/A

N/A

N/A

BALANCE SHEET

Fixed Assets

 

 

371,129

371,050

371,050

371,050

Intangible Assets

370,240

367,083

367,083

367,083

Tangible Assets

889

726

726

726

Investments

0

3,241

3,241

3,241

Current Assets

 

 

166,509

85,858

42,407

16,429

Stocks

0

0

0

0

Debtors

0

0

0

0

Cash

151,189

70,429

26,978

1,000

Other

15,320

15,429

15,429

15,429

Current Liabilities

 

 

(59,377)

(50,690)

(40,149)

(43,874)

Creditors

(50,250)

(53,931)

(43,390)

(47,115)

Short term borrowings

(9,127)

0

0

0

Long Term Liabilities

 

 

(103,565)

(109,263)

(109,263)

(210,465)

Long term borrowings

(43,933)

(50,441)

(50,441)

(151,643)

Other long term liabilities

(59,632)

(58,822)

(58,822)

(58,822)

Net Assets

 

 

374,696

296,955

264,045

133,141

CASH FLOW

Operating Cash Flow

 

 

(112,816)

(140,094)

(139,403)

(127,180)

Net Interest

1,249

(2,423)

0

0

Tax

0

0

0

0

Capex

0

(134)

0

0

Acquisitions/disposals

0

0

0

0

Financing

(30)

66,863

95,950

0

Other

(3,041)

(2,353)

2

0

Dividends

0

0

0

0

Net Cash Flow

(114,638)

(78,141)

(43,451)

(127,180)

Opening net debt/(cash)

 

 

(212,767)

(98,129)

(19,988)

23,463

HP finance leases initiated

0

0

0

0

Other

0

0

0

0

Closing net debt/(cash)

 

 

(98,129)

(19,988)

23,463

150,643

Source: Targovax accounts, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by Targovax and prepared and issued by Edison, in consideration of a fee payable by Targovax. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2020. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

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Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Targovax and prepared and issued by Edison, in consideration of a fee payable by Targovax. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2020 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2020. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: TMT

4imprint Group — Thaw in progress

4imprint’s order volumes are starting to recover as the US economy reopens. The company has been diligent at updating the market and the latest update shows order levels improving towards 50% of prior year, having dipped as low as 20% in early April. Cash conservation measures are having the desired effect and the group still had $28.1m cash (with lease debt only) at the end of May, despite having paid out $9.4m as a one-off lump sum into the pension scheme as scheduled. Based on assumptions over the speed and extent of the recovery but in the absence of formal management guidance, we have reinstated provisional forecasts.

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