Last evening, Guard Therapeutics announced its evaluation of the complete results from the phase IIb POINTER study. As expected, no findings were discovered that would alter the case, and the company has implemented cost-cutting measures while exploring opportunities for asset transactions and a reverse takeover. With more clarity on the strategic direction, we now refine our valuation scenarios. We arrive at a new base case of SEK1.75 (1.5), a bull case of SEK3 (2.5), and a bear case of SEK1.25 (0). The share is trading at an unjustifiably low valuation and represents an interesting special-situation case, particularly with the option value linked to a potential divestment of the GTX program.
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