Västra Hamnen: ViroGates - Success in anakinra study
Västra Hamnen Corporate Finance has published a research update on ViroGates following its report for Q1 2021 and the result of the phase III anakinra study. The successful study suggests accellerated sales growth and we raise our valuation interval, writes Västra Hamnen.
- Q1 revenue and net loss slightly weaker than our estimates
- Anakinra success should accelerate demand and we raise our forecasts
- New valuation interval of DKK 115.00 – 180.00 (DKK 104.20 – 162.00) per share
Last week’s release of ViroGates’ Q1 report contained no big surprises. Revenues were slightly lower than we had expected and the net loss therefore marginally wider, but the overall picture corresponded well with our scenario for the company. A more noteworthy news item arrived yesterday with the outcome of the phase III clinical trial with suPAR-guided anakinra treatment of COVID-19 pneumonia patients. The study showed strong significance for the treatment, paving the way for an EMA application for the combined use of suPAR tests with anakinra. This is an important validation of suPAR triaging and should accelerate ViroGates’ commercial progress. While much is still uncertain, we feel it is appropriate to scale up our revenue forecasts and thereby raise our valuation interval.
The full report is available here.
The research report is prepared as part of Market Focus, Västra Hamnen Corporate Finance's commissioned research offering.