Idorsia falls after Baader cuts to 'reduce'

Idorsia

10/05/2023 09:19

** Shares in Idorsia  IDIA.S  fall around 3% after Baader
Helvea cuts the Swiss drugmaker to "reduce" from "add" on lower
2023-24 revenue expectations post weak Q1 results and risk of
equity raise
    ** Given the weaker-than-expected start to the year, the
broker increased its 2023 net loss estimate on the basis of
lower revenue and slightly higher operating expenses
    ** Baader notes Q1 figures came in below expectations, with 
insomnia treatment QUVIVIQ contributing only CHF 4.3 mln vs
consensus expectations of CHF 8.1 mln
        ** "QUVIVIQ's disappointing numbers are a direct
consequence of the delay in securing broader drug coverage in
the U.S. market," Baader says
  
        ** It lowers its 2023-24 revenue expectations due to a
slower speed of coverage uptake for QUVIVIQ, cutting its target
price 38% to 8.4 euros
  



 (Reporting by Elizaveta Gladun)
 ((elizaveta.gladun@thomsonreuters.com))