Morningstar says premature to assign value to Australia's Clinuvel Pharmaceuticals' clinical program

Clinuvel Pharmaceuticals

18/06/2024 20:45

** Morningstar maintains fair value estimate for Clinuvel
Pharmaceuticals  CUV.AX  at A$18.00
    ** Clinuvel Pharmaceuticals announced on Tuesday a clinical
program evaluating afamelanotide, a synthetic drug, as a
treatment in early-stage Parkinson's Disease in fair-skinned
patients
    ** "While preclinical data shows a potential benefit, we
think it's too early to ascribe any material value" -
Morningstar
    ** Brokerage adds shares of co remain undervalued as it
suspects market is likely too pessimistic about the speed and
extent of co's commercial rollout of Scenesse for its existing
indication
    **  Clinuvel's drug Scenesse is a treatment for EPP or
erythropoietic protoporphyria – a rare condition that causes
severe pain after exposure to the sun
    ** All of the four analysts rate the stock "buy" or higher;
their median PT is A$22.25 – LSEG data
    ** Stock has fallen 6.1% this year, as of last close

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))