Corporate broker, finnCap, maintained a bullish outlook on Evgen Pharma PLC (AIM:EVG), reiterating a share price target of 20p - a significant jump from its current trading price of 3.33p (up 7.4%).
In recent developments, Evgen received a grant for conducting studies on glioblastoma, a type of brain cancer.
The funding will support further preclinical trials and an early-stage patient trial set for 2024.
Successful results could lessen the risks associated with future phase II trials and might pave the way for stronger and earlier partnership discussions, finnCap said.
The grant, which doesn't dilute the share value, can lead to an increase in Evgen's future value while keeping the company financially sound until the end of 2024, the broker said.
Furthermore, the expected financial milestones from collaborations with STALICLA and Juvenescence could potentially extend the financial visibility into 2025. finnCap said the second half of 2023's data readouts could potentially act as a catalyst to the share price.