Australia's Clinuvel Pharma set for best day in 1 year as Jefferies hikes PT

Clinuvel Pharmaceuticals

31/08/2022 04:23

(Updates)
    ** Shares of Clinuvel Pharmaceuticals  CUV.AX  rise as much
as 17.6% to A$20.41, set for their best day since Aug 27, 2021,
if gains hold
    ** Brokerage Jefferies hikes price target on co stock to
A$36.90 from A$31.40, maintains "buy" rating   
    ** Brokerage sees market for under-penetrated erythropoietic
protoporphyria (EPP) with no competitors as an opportunity for
CUV; EPP is a rare inherited metabolic disorder 
    ** Says the Australian biopharmaceutical firm is currently
treating only ~4% of the EPP patients in larger countries of
Europe, Americas and Asia, a situation which should be
progressively corrected through ongoing local approvals   
    ** Adds that CUV's major potential stumbling block is
further positive late-stage clinical trail results and then
regulator approval for vitiligo, which if successful, would mean
that CUV would gain larger market share in a disease whose
current treatment options are "suboptimal"
    ** Brokerage also sees increased competition over the medium
term
    ** Two of three analysts rate the stock "buy" or higher, one
"hold"; their median PT is A$24.40 – Refinitiv data
    ** Clinuvel stock down 36.2% YTD

    

 (Reporting by Jaskiran Singh and Anan Ashraf in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))