Buy rating reiteration
Vienna – Peter Düllmann of Sal. Oppenheim has repeated his buy rating for Intercell AG. The Viennese vaccine specialist has filed for approval of its Japanese encephalitis vaccine in Canada. Although a potential approval would have a small impact due to the small size of the Candian market, the process would prove that the company is able to manage the approval process in several regions in parallel. Furthermore, Intercell’s management has confirmed the guided timelines for the authorities’ decision later this year in the United States and Europe, and in early 2009 for Australia. The fair value is EUR34.