The share price headed south yesterday (-4.5%) following the Q2 report, yet we rather see that the Targovax investment case is improving. The mesothelioma study is fully recruited, top-line data expected at the end of the year, and the recruitment of patients into the melanoma trial seem to be running smoothly with top-line data in H1 2020. Biotech investments are risky, but at current share price levels, we believe the risk-reward is attractive.