Webdisclosure.com

Search

EDISON INVESTMENT RESEARCH LIMITED Edison Investment Research Limited: Immunicum (IMMU): Primed for value appreciation

Directive transparence : information réglementée

15/09/2021 10:03

Edison Investment Research Limited
Edison Investment Research Limited: Immunicum (IMMU): Primed for value appreciation

15-Sep-2021 / 09:03 GMT/BST


 

London, UK, 15 September 2021

 

Immunicum (IMMU): Primed for value appreciation

Following the transformational merger with DCprime in December 2020, Immunicum now aims to become a global leader in off-the-shelf, allogeneic cell therapies, using its expertise in dendritic cell (DC) biology. It has two advanced clinical-stage pipeline products, addressing both solid tumours and haematological malignancies. Ilixadencel is being developed as an immune primer in combination with anti-cancer therapies, while DCP-001 is aimed at reducing the risk of cancer relapse after standard of care. Given the changes to the R&D pipeline and updated strategy, we have revised our forecasts and valuation and present a new investment thesis. Our valuation is SEK1.95bn or SEK9.76 per share.

We value Immunicum at SEK1.95bn or SEK9.76 per share (rNPV using a 12.5% discount rate and SEK212m cash at end-Q221). Our model includes the two lead assets in the four prioritised indications (DCP-001 in AML and OC; ilixadencel in RCC and GIST), but there is potential to expand into many more. The latest share issue should fund operations until end of 2022, so the near-term R&D catalysts are reachable before that.


Click here to view the full report or here to sign up to receive research as it is published.

 

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Dr Jonas Peciulis +44 (0)20 3077 5728 jpeciulis@edisongroup.com

Dr Sean Conroy +44 (0)20 3077 5700 sconroy@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn        www.linkedin.com/company/edison-group-/

Twitter           www.twitter.com/Edison_Inv_Res

YouTube       www.youtube.com/edisonitv



Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


End of Announcement - EQS News Service

1233463  15-Sep-2021 

fncls.ssp?fn=show_t_gif&application_id=1233463&application_name=news&site_id=symex