Australia's Neuren Pharma rise as Jefferies raises PT

Neuren Pharmaceuticals

06/11/2023 24:08

**Shares of Neuren Pharmaceuticals Ltd  NEU.AX  rise as much
as 6.6% at A$13.06; advances for the seventh straight day       
  
    ** Jefferies raises co's target price to A$20.30 from
A$18.55; maintains "Buy" rating      
    ** The brokerage says early penetration of its Rett syndrome
drug Daybue in the U.S. implies that an ongoing growth is
possible 
    ** Co reported sales of $66.9 million in 3QFY23 from Daybue 
    ** Jefferies estimates about 8500 patients in the U.S. using
the drug currently and forecasts peak sales of about $1 billion
from Daybue by 2037
    ** The broker further forecasts that about 1330 patients
using the drug in the U.S. by end of FY24E, thereby estimating
earnings of US$50 million 
    ** 4 of 4 analysts rate the stock "Buy" or higher, 5 "Hold"
and 1 "Sell" or lower; their median PT is A$19.30 - LSEG Data 
    ** Stock down 54.1% this year as of last close 


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