Agilyx’s business update indicated +33% pipeline growth vs Jan ’22 (+115 Y-o-Y) while also adding significant insights into the current licensing portfolio. On the back of positive short- and long-term estimate revisions, we lift our TP to NOK 70 (62) and reiterate our BUY recommendation. Note that we are still lagging the company’s USD 200-300m 2025/26 revenue target, which in our view illustrates further upside potential beyond our target.
