Medivir: Funded, Partnered and Still Cheap

Redeye believes Medivir’s valuation has been pushed too low. The completed capital raise will provide funding at least throughout 2022. Liver cancer project MIV-818 is arguably still something of a cat in the bag ahead of the imminent Phase Ib update, but earlier observations are promising. A recent licensing deal for birinapant reduces Medivir’s dependence on MIV-818.

We reiterate our base case of SEK 15 per share and expect the shares to strengthen following the oversubscribed rights issue.