Targovax: Promising results in part 1, and maybe even better to come in part 2

The recently announced results of the Oncos-102 and Keytruda (PD 1) combination trial in PD 1 refractory melanoma patients are very encouraging, displaying an impressive 33% ORR (1 CR and 2 PR). Probably even more convincing is the increase of activated immune cells that were noted before the patients were re-challenged with Keytruda. After having digested the data, we raise our base case fair value to NOK 13 (12).