Research note


Nuevolution: Approved for listing on Nasdaq main market

Nuevolution today announced that Nasdaq has admitted the NUE shares for up-listing to Nasdaq main market.

Nuevolution announced in 2017 their intentions to list on the main market, which was now approved. The shares will trade on the Nasdaq Stockholm Small Cap segment under the same ticker (NUE). While not an immediate value-driver we believe it will, eventually, cause more investors to look into the company and could increase the liquidity.

As we have written before, we believe the company is well situated to take the next step in their development in the coming years. Management has guided for a next deal within 6 months of the Q1 report, and we believe that it is highly likely such a deal will materialize. We further expect the RORyt inhibitor (Almirall) will enter phase I in the coming months, and that the in-house pipeline projects RORyt inhibitor and BET inhibitor will enter phase I during 2019. We also see potential for progress in the Amgen collaboration, which will give more clarity around future financial potential. With the recent SEK 110 million financing round, Nuevolution is financed for the foreseeable future. In sum, we see a very attractive investment case in Nuevolution. Our fair value is SEK 27 per share, with a Bull and Bear case of 40 and 16 per share, respectively. 

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