The Q4 report came without any major news so we do not make any changes to our outlook and valuation. During Q4 the company announced pre-clinical studies in neuroendocrine tumours and head and neck cancer with uTREAT, expanding the pipeline. Several investigator-initiated studies from 2022 have yet to be reported which lays a foundation for a busy news flow in the first half of 2023. Our rNPV-SOTP Valuation remains at DKK 45-63 per share, mid-point 54.

Link to the analysis