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Broker Watch
/The ASX 200 stocks attracting the biggest broker upgrades: Neuren Pharmaceuticals
Broker Watch
The ASX 200 stocks attracting the biggest broker upgrades: Neuren Pharmaceuticals
By
Kerry Sun
Mon 08 Jan 24, 11:32am (AEST)
Source: iStock
Stocks in article
Key Points
- Neuren's stock soared 30% after positive late-stage trial results for its Phelan-McDermid syndrome drug
- Brokers remain optimistic, with consensus target prices up 31% since 8 December 2023
- Neuren also boasts the first approved drug for Rett syndrome, with strong sales and promising pipeline
Neuren Pharmaceuticals (ASX: NEU) shares soared almost 30% on Monday, 18 December after phase-two clinical trial results demonstrated "significant improvements" for its drug to treat the cognitive disorder Phelan-McDermid syndrome.
Neuren was the best performing stock on the ASX 200 in 2023, up 212%. But even after this stellar run, brokers remain bullish on its outlook.
Stocks with the Biggest Broker Upgrades
Ticker | Company Name | Close Price | 1-Week | Target Price | Prev Target Price | % Dif |
|---|---|---|---|---|---|---|
Neuren Pharmaceuticals | $24.11 | -4.0% | $26.43 | $20.15 | 31.2% | |
Stockland | $4.34 | -3.8% | $4.50 | $4.31 | 4.4% | |
Bluescope Steel | $22.04 | -5.6% | $22.62 | $21.88 | 3.4% | |
Cochlear | $297.95 | -0.8% | $254.31 | $246.13 | 3.3% | |
Magellan Financial | $9.65 | 2.9% | $7.68 | $7.45 | 3.1% | |
Bega Cheese | $3.43 | -4.2% | $3.33 | $3.24 | 2.8% | |
Sims | $14.19 | -9.3% | $14.22 | $13.91 | 2.2% | |
Pro Medicus | $90.48 | -6.2% | $81.74 | $80.08 | 2.1% | |
Fortescue Metals | $28.19 | -3.3% | $19.83 | $19.45 | 2.0% | |
West African Resources | $0.93 | -5.6% | $1.64 | $1.61 | 1.9% |
'Target price' is an aggregate of Refinitiv broker target prices. % Dif compares target prices between 8 December 2023 and 5 January 2024
Neuren is a clinical pharmaceutical company focused on development drugs that treat rare and complex neuro-developmental conditions. In March 2023, the US FDA approved DAYBUE for the treatment of Rett syndrome, a genetic brain disorder, making it the first approved drug for the condition.
Neuren has a commercial agreement with major partner Acadia, which allows for global rights to manufacture and distribute the drug in exchange for ongoing royalties and milestone payments to Neuren. Acadia has exclusive rights to DAYBUE.
The latest DAYBUE sales update for the third quarter of 2023 noted:
Acadia had 800 patients on DAYBUE as at 30 September 2023, the surge in initial demand exceeded pre-launch expectations
Q3 net sales of DAYBUE in the US of US$66.9 million
Guidance for net sales in Q4 2023 between US$80 million to US$87.5 million
Neuren said it expects royalties (assuming guidance is met) of $10.4 million in Q3 and $12.5 million to $13.7 million in Q4
The below table shows the company's clinical pipeline, including registration for global DAYBUE distribution as well as a number of upcoming phase two trial results.
Source: Neuren Pharma
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