First Berlin – Cyxone AB Research Update (03/12/2018)

First Berlin Equity Research has published a research update on Cyxone AB (ISIN: SE0007815428). Analyst Christian Orquera reiterated his BUY rating and maintained his SEK 13.50 price target.

Cyxone published 9M/18 results which were roughly in line with our expectations. EBIT came in at SEK-10.9m – in line with our estimate of SEK-10.7m (9M/17: SEK-5.6m). Preparations for the next steps in the two main R&D programmes, Rabeximod for rheumatoid arthritis (RA) and T20K for multiple sclerosis (MS), are progressing as anticipated. Considering that the company successfully raised SEK44.3m (USD5.0m) on 26 October, we believe sufficient financing for the Phase IIb study of Rabeximod is in place. Based on unchanged estimates, we reiterate our price target of SEK13.50 and our Buy rating.