Redeye reiterates its positive view of Calliditas and its Base case of SEK 140 following today's corporate business update in the context of the corona crisis. In line with our expectations outlined in a research update late March, Calliditas sees a limited impact on current R&D efforts and continues to expect topline readout from the pivoal Nefigard trial in Q4 2020. While Calliditas sees a risk of reduced recruitment rates over the coming months, it remains optimistic that the results of the full trial could be reported by 2022, in line with ealier communication. Redeye expects a relief rally in the share on Monday morning.