Mangold value Biosergen using a risk adjusted DCF model. The company’s substance is known, which reduces the risk and has so far proved safe in previous clinical studies. The risk in biotechnology equities remains high and should be considered. In our Base Case, a fair value of 3.30 SEK per share is given. Mangold has chosen to set price target to 3.00 SEK. Triggers constitute approval and initiation of the phase 1b study as well as its topline results this autumn.
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