| IPF data to be presented alongside competitors at conference Vicore Pharma today announced that the interim data in IPF will be presented at the European Respiratory Society (ERS) congress in Barcelona on September 4, 15:00 CET. On the same day, (previously published) data from Boehringer Ingelheim and Pliant Therapeutics will be presented. Best data reported from Boehringer's BI 1015550 to date, is a mean increase in forced vital capacity (FVC) of +5.7 mL after 12 weeks. Best data reported from Pliant Therapeutics' PLN-74809 to date, is a mean increase in FVC of +24.6 mL after 12 weeks (only one group, rest experienced declines in FVC). As a reminder, Vicore's C21 IPF data included not just longer & thus more robust follow-ups (24 & 36 weeks) which showed a trajectory, it also reported much higher mean increases in FVC with +251 mL at week24 and +751mL at week 36. From our study of IPF related FVC measurements, we would consider short term changes in the range of +/- 50-70 mL as within the variability of these measurements. With this upcoming event, clearly superior clinical data vs. the competition, we believe Vicore Pharma will gain significant attention. Further, we believe that it is possible (due to time passed since last follow-up), that Vicore will release new clinical data from its IPF trial in the coming 1-3 weeks, which we expect to be a major catalyst by itself. We reiterate our Buy rating on VICO with a target price of SEK 97/share. | 
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