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Redeye provides a research update following the Q4 report published by Initiator Pharma earlier today. We make some slight adjustments to our estimates for operational expenditures, investments, net sales and estimated time plan for the projects IPED2015 and IP2018 following delays in patient recruitment. Accordingly, we update our fair value range with a revised base case valuation of SEK13.5 (SEK14) as we continue to see substantial upside potential in the stock.
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