Cavendish has reiterated a target price of 285p for Destiny Pharma PLC (AIM:DEST, OTC:DTTYF) - representing a significant premium to the current valuation of 55p.
In a short note, the corporate broker hinted at a potential re-assessment of this target if the company materialises a strategic partnership deal.
Cavdenish's research comes against the backdrop of Destiny Pharma's recent capital markets day (CMD), which centred attention on its XF platform, notably its lead anti-infective asset, XF-73 nasal.
The event was notable for the participation of key opinion leaders (KOLs) from the clinical arena.
As highlighted in Cavendish's note, these experts emphasised the current challenges in treatment due to the limited options beyond antibiotics and the escalating issue of antibiotic resistance.
Adding to the momentum, Destiny Pharma unveiled promising new data for XF-73 during the CMD.
This announcement resonated positively in the market, propelling the company's stock by around 25% on the announcement day.