Share in Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) were up 7% in afternoon trading after the green biopesticides group delivered a better-than-expected financial performance as part of a broader progress report.
In the wake of the update, Cavendish, the company's broker repeated its 20p share price target, which represents a 233% premium to the current stock price.
In a note to clients, it said: "Ongoing, positive news flow has demonstrated the progress Eden Research is making.
"We believe the company’s mix of launched products and pipeline opportunities offers an interesting investment opportunity built upon strong sales growth in the near term and pipeline opportunities that could deliver mid-to longer-term growth.
"We believe Eden Research is targeting sizable markets with effective products and expect further news flow to support the share price."
At 2.45 pm, the shares were changing hands for 6p, up 0.38p.
Earlier, Eden said it was expecting a 'step up' in commercial activity this year after it revealed its performance in 2023 was ahead of expectations. Revenue of £3.1 million was up 72% year-on-year and 11% ahead of forecast, while the projected underlying (EBITDA) loss of £1.2% was 37% lower than expected.
It exited the year with £7.4 million in the bank (after securing successful £9.9 million of new investment) and having secured its first commercial sales of Ecovelex, its bird repellent being marketed by agri-giant Corteva.