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Allergy Therapeutics gets big forecast upgrade from finncap after trading update

The broker now expects profits to around £5m higher than its previous forecasts at £2.9m.

Allergy Therapeutics PLC -

Allergy Therapeutics PLC (LON:AGY) has had forecasts for the current year sharply upgraded by broker finnCap after a bullish trading update today.

The broker now expects profits to around £5m higher than its previous forecasts at £2.9m.

“Given the balance sheet (c.£29m net cash at 30 June 2020), underlying growth and previous clinical trial successes, we believe the risk/reward profile is highly attractive and reiterate our target price of 40p,” it said.

Earlier, the allergy vaccines specialist had said revenues for the 12 months ended June 30 would be at least 4% ahead of the comparable period last year on a constant currency basis.

The swing factors were operating cost efficiencies and the timing of the planned research and development expenditure.

A further update is planned for the week beginning July 13.

Quick facts: Allergy Therapeutics PLC

Price: 14 GBX

AIM:AGY
Market: AIM
Market Cap: £89.22 m
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