Jefferies raises Neuren Pharma's PT citing sales growth in Daybue

Neuren Pharmaceuticals

28/08/2023 19:35

** Analysts at Jefferies raise price target of Neuren
Pharmaceuticals  NEU.AX  to A$18.55 from A$16.75; maintains
'buy' rating 
    ** From now on, NEU's trofinetide drug Daybue should see
sales growth. In 1H FY23, NEU received payments from Acadia -
Jefferies 
    ** In July, NEU, Acadia Pharmaceuticals  ACAD.O  expanded
global partnership for its trofinetide drug in North America to
worldwide
    ** NEU reported HY net profit attributable A$47.8 mln
($30.69 mln) versus a loss of A$7.1 mln
    ** We expect further milestones totaling US$173 mln in
FY23E, Jefferies says 
    ** "We forecast that there will be c1,700 monthly treatments
for new patients in 2HFY23E and believe this increases strongly
in FY24E" - Brokerage 
    ** NEU has risen 57.2% YTD, as of last close 


($1 = 1.5574 Australian dollars)

 (Reporting by Aishwarya Nair in Bengaluru)
 ((Aishwarya.Nair@thomsonreuters.com; +91-9167838937 Twitter: https://twitter.com/Aishwaryartrs
 ;))