BofA cuts Ipsen citing valuation, shares slip

Ipsen SA

06/12/2024 10:40

** Ipsen's  IPN.PA  shares slip as much as 4.5% after BofA
Global Research cut the stock to "underperform" from "neutral" 
** The broker maintains its PT of EUR 120, saying the stock at
current price offers about 10% upside, amongst the lowest in the
sector
** Compared to European giants such as AstraZeneca  AZN.L  and
NovoNordisk  NOVOb.CO , BofA sees limited valuation growth for
the French biopharma group due to a mid-term patent cliff and
limited internal R&D 
** The launch trajectory of key assets Iqirvo, Bylvay, and
Onivyde will determine potential success for 2025, it adds
** At 1032 GMT, the stock is down around 3% and at the bottom of
the SBF120  .SBF120  index
** Out of 16 analysts that cover Ipsen, five rate the stock
"strong buy" or "buy," ​10 rate it "hold", and  one rates the
stock "sell"

 (Reporting by Jakob Van Calster)
 ((Jakob.vancalster@thomsonreuters.com))