Redeye provides a research update following the Q2 report recently published by OncoZenge. The report was largely in line with our expectations, aside from a deviation in the cash flow metrics stemming from a negative change in working capital. Importantly, in correlation with the report, the company announced that the CTA for the pivotal Phase III study has now received final approval, enabling study initiation. Following Redeye's new valuation approach, which factors in both fundamental valuation and relative valuation, and the recently announced rights issue, we assign OncoZenge a new fair value of SEK8 per share.
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