Morningstar cautious on Australia's Polynovo's potential reach for NovoSorb
22/01/2024 19:25
** Analysts at Morningstar believe shares of Polynovo
PNV.AX appear materially overvalued, and suspect market to be
likely "too optimistic" on speed and extent of the co's
commercial rollout
** Broker maintains fair-value estimate of A$1.00/shr
** Morningstar continues to assign zero probability of
especially new uses of PNV's NovoSorb technology in contrast to
the market expecting newer uses like hernia repair
** We expect the recent product launch of NovoSorb MTX to
increase penetration within existing hospital accounts given its
broader applications - Morningstar
** Six of seven analysts rate stock "buy" or higher and one
rates "sell"; their median PT is A$1.88 - LSEG data
** Stock has fallen 4.2% YTD, as of last close
(Reporting by Shivangi Lahiri in Bengaluru)
((shivangi.lahiri@thomsonreuters.com))