Destiny Pharma made good progress across the late- and early-stage R&D pipeline over the past year, despite good cost control, says finnCap.
The house broker has a massive share price target of 285p, against 30.5p currently in the market, but said a lot of this has been derisked recently.
A post-period-end partnering deal for NTCD-M3 with Sebela Pharmaceuticals in the US, successful equity fundraising and multiple catalysts expected in 2023 and 2024 suggest that the positive momentum is likely to continue, finnCap added.
“A de-risked equity story due to the Sebela deal and a stronger balance sheet sets Destiny aside from many biotech peers. “
Finncap emphasised it was making no change to its 285p target price after the annual results update.