Jefferies sees promise in ongoing trials, approvals of Clinuvel; raises PT

Clinuvel Pharmaceuticals

08/03/2022 03:22

** Broekrage Jefferies raises its PT on biopharmaceutical co
Clinuvel Pharmaceuticals  CUV.AX  as it sees new product
opportinuties from its ongoing trials and approvals 
    ** Raises PT to A$32.00 from A$31.50, maintains "buy" rating
    ** Says Clinuvel serves an underpenetrated market for
erythropoietic protoporphyria (EPP), a metabolic disorder, with
its lead drug Scenesse (afamelanotide)
    ** Says co only treats ~3% of EPP patients in larger
countries of Europe, Americas and Asia, which will improve with
ongoing local approvals 
    ** Notes that melanocortin-derived products, which Clinuvel
is expanding in, will enable it to develop a wider product base 
spanning prescription and OTC markets
    ** Says success in any of the clinical trial(s) for
vitiligo, a skin condition, would lead to a positive re-rating
of CUV's share price
    ** Of three analysts who cover CUV, two rate it 'buy' or
higher, one 'hold'; their median PT os A$30.50 
    ** CUV trading 2.4% higher at A$19.95, in line with a
broader healthcare sector  .AXHJ  lifted by a stronger U.S.
dollar  urn:newsml:reuters.com:*:nL3N2VB0AF 
    ** Stock has shed 28.4% YTD, as of last close 
    


 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))