Last close As at 05/08/2026
SEK6.71
▲ −0.16 (−2.33%)
Market capitalisation
SEK435m
Research: Healthcare
Immunicum specialises in the research and development of novel immunotherapies that target hard-to-treat tumours and tumour recurrence. In its pipeline and strategic outlook presented in Q122, management highlighted its focus on developing DCP-001, a novel cancer relapse vaccine. The ongoing Phase II ADVANCE II trial (investigating DCP-001 as a monotherapy in acute myeloid leukaemia, or AML) will release multiple updates in 2022, providing potential catalysts for the shares. Importantly, complete minimal residual disease (MRD) data are expected to be announced in Q222, followed by survival data at the year end. Additionally, DCP-001 is in ongoing Phase I trials for treating ovarian cancer. At end-March 2022, the company had cash of SEK123m, which we expect to provide a runway to H123. In light of the refocused strategy, our estimates are under review.
Written by
Immunicum |
Catalysts approaching for DCP-001 |
Q1 results |
Pharma and biotech |
11 May 2022 |
Share price performance
Business description
Analysts
Immunicum is a research client of Edison Investment Research Limited. |
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Immunicum specialises in the research and development of novel immunotherapies that target hard-to-treat tumours and tumour recurrence. In its pipeline and strategic outlook presented in Q122, management highlighted its focus on developing DCP-001, a novel cancer relapse vaccine. The ongoing Phase II ADVANCE II trial (investigating DCP-001 as a monotherapy in acute myeloid leukaemia, or AML) will release multiple updates in 2022, providing potential catalysts for the shares. Importantly, complete minimal residual disease (MRD) data are expected to be announced in Q222, followed by survival data at the year end. Additionally, DCP-001 is in ongoing Phase I trials for treating ovarian cancer. At end-March 2022, the company had cash of SEK123m, which we expect to provide a runway to H123. In light of the refocused strategy, our estimates are under review.
Year end |
Revenue (SEKm) |
PBT* (SEKm) |
EPS* |
DPS |
DPS |
Yield |
12/20 |
0.0 |
(89.2) |
(1.17) |
0.00 |
N/A |
N/A |
12/21 |
0.0 |
(133.4) |
(0.73) |
0.00 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
The company’s Q122 earnings report highlights the opportunity for Immunicum’s whole cell-based cancer vaccine, DCP-001, in AML maintenance therapy. Initial data from ADVANCE II, presented at ASH in December 2021, demonstrated that DCP-001 can significantly reduce MRD, a factor associated with a high risk of relapse and poor overall survival in AML patients. The complete MRD analysis will be communicated in Q222, representing an important near-term catalyst for Immunicum’s shares. Assuming positive clinical results, investors should focus on whether the reduction or eradication of MRD will translate into favourable relapse-free survival and overall survival (data expected year-end 2022). Furthermore, Immunicum’s intratumoral immune primer, ilixadencel, is preparing to start Phase II trials for treating gastrointestinal stromal tumours (GIST) in 2022, in combination with kinase inhibitors. The company believes the poor response and survival rates seen in unresectable or metastatic GIST present an attractive opportunity to improve patient outcomes with ilixadencel.
During the quarter, Immunicum reported research and development costs of SEK18.8m, significantly lower than the same period a year ago (Q121: SEK29.4m) primarily due to lower clinical trial and chemistry, manufacturing and controls costs, presumably as ilixadencel is repositioned. The net loss for Q122 was SEK27.6m. Cash and equivalents at end-March was SEK122.9m (FY21: SEK155.3m), which we anticipate will provide funding to H123.
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Research: TMT
Today’s trading update follows the group’s post-close trading update in March 2022, where management confirmed FY22 group revenue would be up 13% year-on-year to US$4.65bn. As a listing requirement, and as expected, Datatec has now been required to confirm EPS will be more than 20% above the FY21 figure. Underlying EPS (uEPS) is expected to be 18.0–19.0 US cents (FY21: 13.6 US cents), 32–40% higher than in FY21, with headline and reported EPS both multiples of their FY21 comparators. uEPS ranges from 6% to 12% above our forecast FY22 EPS of 17.0 US cents, reflecting robust global demand for technology solutions. With all three divisions contributing strongly and with demand underpinned by an expected unwinding of the record backlog in H223 and FY24, we remain positive about the group’s prospects despite continuing economic and geopolitical uncertainties. Datatec trades on 3.9x our FY22e EV/EBITDA and 3.5x our FY23e EV/EBITDA, which we feel does not adequately recognise the group’s performance or prospects. We expect an update on Datatec’s strategic review with the full results on or around 24 May, when we also propose to review our estimates.