Broker upgrade

Always good to see brokers raising their targets

Edison report from the 13th Aug

Some snips

"Clinical data from CALM, STORM and CANON trials presented at scientific conferences further highlight the potential efficacy of CAVATAK (oncolytic virus) against a range of cancers using several delivery approaches. While the evidence of CAVATAK’s efficacy as a single agent continues to build, it is also likely to be attractive to big pharma companies seeking complementary therapies to boost immune responses to their checkpoint inhibitors; a Phase Ib trial in combination with ipilimumab (Yervoy) is already underway. We value Viralytics at A$189m or A$1.03 per share."

and

"Valuation: rNPV of A$189m (A$1.03 per share) Our valuation of Viralytics has increased to A$189m, or A$1.03/share (undiluted, previously A$0.80/share) due to the incorporation of the intravesical bladder cancer opportunity, roll forward of the DCF model and continued weakness of the Australian dollar against the US dollar (now US$0.73 per A$ vs 0.78 previously)."

http://www.edisoninvestmentresearch.com/research/report/viralytics7