Allergy Therapeutics PLC (AIM:AGY, OTC:AGYTF) is starting to find its feet again, with broker Cavdenidsh noting the 'financial recovery continues' with its analysis of first-half results.
The immunology specialist posted interim results on Monday showing revenue of £34 million for the six months to 31 December. That’s up just 1% on the same period a year earlier - or 4% if you strip out currency swings - but it’s the second half-year in a row that sales have grown.
And after three years of revenue decline, that steadying of the ship is no small thing.
The transition to fully registered allergy treatments is happening faster than expected, which is good news, said Cavendish in a short research note after the figures.
It says the big value drivers - namely, the Grass MATA MPL and VLP Peanut programmes - remain on track.
The broker's target stays at 13p, more than double the current 6p share price.