Nordic Nanovector: Jefferies cuts on potential Betalutin delays, commercial challenges

Thor Medical ASA

24/11/2020 07:32

** Jefferies cuts Norway-based biotech company Nordic
Nanovector  NORN.OL  to "hold" from "buy", slashes price target
by 70% to NOK 15 
    ** The brokerage names potential Betalutin delays and
commercial challenges as drivers behind the downgrade
    ** Jefferies is concerned that slow recruitment in PARADIGME
study of Betalutin in follicular lymphoma could delay data
beyond H2 2021
    ** Given the second wave of COVID-19 restrictions plus the
age and frailty of patients, the brokerage now assumes data in
H2 2022, delaying initial US launch about 1 year to 2023
    ** Furthermore, it notes that recent expert comments suggest
commercial uptake may be challenging, leading it to nearly halve
peak Betalutin sales estimate to $430 million
    ** The brokerage also adds it believes Nordic Nanovector's
cash reported at end-Q3 is adequate to fund cash burn into H2
2021 but may not be sufficient to reach initial data from the
PARADIGME trial




 ((joanna.wodzicka@tr.com))