Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on NEOVACS. We currently have 5 research reports from 2 professional analysts.
Frequency of research reports
Research reports on
US trial generates strong interest
23 Nov 16
Neovacs is running a Phase IIb trial on its lead immunotherapy project, IFN-Kinoid (IFN-K) for lupus. The US arm is now recruiting and is expanding from five to 15 centres due to strong interest. We now expect results from end 2017, formerly mid-2017. In Korea, CKD may start sales in 2018, but the main impact is likely to be in 2019. Partnering for other territories is now expected from mid-2018. The important VEGF-Kinoid for cancer and AMD might start Phase I in H117. Cash at the end of June 2016 was €9.2m.
01 Aug 16
Neovacs’s lead project, IFN-Kinoid (IFN-K) for lupus, started a 178-patient EU, US and RoW Phase II in Q315. It expects data by mid-2017. This is based on clinical response and measurement of the interferon signature (IS), a diagnostic marker of lupus. CKD, a leading Korean pharmaceutical company, partnered the product for Korea in 2015; marketing may start in 2018. Neovacs plans to partner IFN-K, implying possible launches in 2021. VEGF-Kinoid for cancer and AMD could start Phase I in H117 and a type 1 diabetes kinoid is in preclinical testing. Cash in December 2015 was €6.1m; a French rights issue in June 2016 raised €8m gross at €0.85/share.
Opinion change, from Reduce to Buy (Neovacs)
06 Jan 16
OPINION CHANGE CHANGE IN OPINIONBuy vs Reduce CHANGE IN EPS2015 : € -0.13 vs -0.13 2016 : € -0.25 vs -0.27 ns Due to the new funding from Bpi France (€5m), we have decreased the financial expenses, leading to a slight increase in EPS 2016. CHANGE IN NAV€ 1.87 vs 1.34 +39.8% We have revised up the valuation for IFN Kinoide after the partnership signed in late 2015, with a positive impact from 2016. This partnership strengthens the likelihood of success in Lupus and dermatomyositis, even if the results of the phase IIb is expected in late H1 17.
€7.5m capital increase
01 Jul 15
Neovacs has announced a €7.5m capital increase with three US institutional investors specialised in biotech investments. This capital increase will be carried out without preferential subscription rights. Neovacs will issue a total of 7.5m securities (30.5% of the shares of the company to date) at a price of one euro. Each security is composed of one ordinary share and one warrant. The warrant will be immediately detached from the share and will give the right to subscribe to 0.37732 of an ordinary share (at €1.25 per share) within 5 years. This represents a potential dilution of 10.33% and a potential increase in capital of €3.5m. The settlement of the new shares should take place no later than 3 July 2015.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
Panmure Morning Note 05-12-16
05 Dec 16
This week will see Chi-Med present data on both fruquintinib and epitinib at the 17th World Conference on Lung Cancer, concerning two proof-of-concept trials in non-small cell lung cancer (NSCLC). This morning, the poster presentation ‘A Phase I Study of Epitinib To Evaluate Efficacy And Safety In EGFR Mutation Positive (EGFRm+) NSCLC Patients With Brain Metastasis’ is available for investors to view on Chi-Med’s website.
Panmure Morning Note 01-12-16
01 Dec 16
Last month we highlighted the ongoing trajectory of Tuzistra sales, noting the impact of significant investment in the modified marketing strategy for Tuzistra, supported by the step up in sales personnel and increased marketing expenditure. This morning’s AGM statement and trading update gives some further colour on progress.