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We argue that Cantargia stands well-equipped for 2022, following a year of positive readouts and recently initiated studies. These studies and the contract signed with PanCAN both place the company in a good position to negotiate partnership agreements ahead. We make minor estimate revisions following the report and arrive at a DCF-based valuation range of SEK 34-38 (34-40) per share. Marketing material commissioned by Cantargia.
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