The weak share price trend from the end of last year has continued in 2017 with the share further declining by over a third of its value since the turn of the year. The share price decline entails that it is now being traded slightly above cash value and significantly below our fundamental value. We do not expect a sudden revaluation of the share but see strong arguments for increased interest in the company with the prospect of improvement in the share price. 1.) New leadership is poised to move toward restoring confidence 2.) The carryover from last year’s issue has subsided, as a significant proportion of shares have been sold off, 3.) We expect greater clarity about forthcoming Phase III studies in the autumn and 4.) an enhanced news flow. We have updated our model assumption, resulting in a smaller reduction of our fundamental value, which now amounts to SEK 36 (37). Please note that this is a translation of the original report dated the 18th of August.