Neuren shares soar as Wilsons Advisory hikes valuation
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The news: Neuren Pharmaceuticals extended gains on the ASX after announcing that it had strong sales of its Rett syndrome treatment Daybue during the third quarter on Thursday.
The numbers: Neuren shares were up 10.6% to $15.93 by 12:20pm AEDT, having closed 8.5% higher on Thursday.
Wilsons Advisory retained its 'overweight' rating on Neuren and increased its risked price target by 5% to $30.94 per share.
The context: Wilsons said that Daybue sales in the third quarter were "largely in line" with expectations. Its analysts made no changes to its Daybue forecasts, but noted that Neuren's US partner Acadia Pharmaceuticals highlighted the importance of its demand generation activities from here.
They said that Acadia is seeking to broaden its referrer base and "help the channel get better at shepherding new patients and their families across to becoming entrenched users".
Wilsons said FY24 has turned out as a "bonanza" for Neuren's revenue, with a USD50 million ($75 million) milestone payment due and Daybue's Rare Paediatric Disease priority review voucher achieving a "knockout price" of USD150 million.
The source: Wilsons Advisory research
