Jefferies starts Vivoryon at 'buy' on positive risk/reward from Alzheimer's pill

Vivoryon Therapeutics NV

16/10/2023 07:55

** Jefferies initiates German pharmaceutical group Vivoryon
 VVY.AS  with "buy", saying upcoming data on its Alzheimer's
drug Varo could be "one of the biggest small-cap binary events
of 2024" that's likely underappreciated by the market
    ** The Amsterdam-listed company said in July the phase IIb
study on Varo, which prevents the formation of plaques detected
in the brains of Alzheimer's disease patients, was "on track for
final data readout" in Q1 2024
    ** "Phase IIb VIVIAD data in 1Q24E should definitively
confirm or refute this signal of efficacy. We believe the
current risk/reward is skewed favourably" - Jefferies
    ** It says Friday's closing price of 11.30 euros/share
suggests around 20% chance of success in the trial vs Jefferies
estimate of around 35%; sets price target at 16.50 euros/share
    ** The broker adds positive data could potentially push the
stock to 42 euros/share
    ** Out of five analysts that cover Vivoryon, all rate the
stock "strong buy" or "buy"

 (Reporting by Victor Goury-Laffont)
 ((Victor.goury-laffont@tr.com))