NOK393m market cap

NOK6.2 last close

Targovax is an immuno-oncology company headquartered in Oslo, Norway, with two technology platforms: ONCOS-102 and TG. ONCOS-102 is currently prioritised and is an oncolytic virus technology being developed in several indications. The TG therapeutic cancer vaccine platform has been deprioritised.

Investment summary

Targovax is an immunooncology (IO) company specialising in oncolytic viruses. ONCOS-102 is a genetically engineered adenovirus being tested in advanced melanoma, mesothelioma, peritoneal malignancies and prostate cancer. In July 2019, Targovax announced ORR and immune activation data from the Part 1 of the ONCOS-102 Phase I study with patients with advanced, unresectable melanoma. The patients, who were treated with checkpoint inhibitors (CPIs) before and then relapsed, were given three intratumoural injections of ONCOS-102 and then received up to eight infusions of Keytruda. The rationale of the study was to prime the immune system with a virus to generate a cancer-specific response and then ‘release the brakes’ with checkpoint inhibitors. The initial data showed 33% ORR, which is promising in this setting. The next ONCOS-102 data are due around New Year (Phase I/II mesothelioma). In H119, Targovax raised NOK88m (gross).

Y/E Dec
Revenue (NOKm)
EPS (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) (241.84) N/A N/A
2020E 0.0 (136.9) (137.2) (216.82) 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 immunooncology therapies.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net cash (NOKm) 15
Forecast gearing ratio (%) N/A
Price performance
Actual (0.5) (4.0) (46.8)
Relative* (0.6) 0.1 (43.8)
52-week high/low NOK12.0/NOK4.3
*% relative to local index
Key management
Øystein Soug CEO
Torbjørn Furuseth CFO
Renate Birkeli Investor Relations