IXICO PLC’s (LON:IXI, OTCMKTS:PHYOF) latest neuroimaging contract is “a strong endorsement” of the company’s differentiated platform, said broker Shore Capital, reiterating its ‘buy’ recommendation on the shares.
The expansion into a new therapeutic area is supportive of the organic growth strategy to broaden IXICO’s footprint and deepen its expertise, the broker added.
Shore Cap also highlighted a “healthy” order book of £19mln and strong cash position of £7mln as at the end of March.
“While 2021 and 2022 are likely to be more modest in terms of growth (and margin progression) for the business vs prior years, we continue to view the market opportunity as compelling and IXICO’s underlying data analytics platform as truly differentiated.
“The focus on commercialisation and profitability by CEO Giulio Cerroni continues to deliver meaningful growth for the business and investors, and we would anticipate further positive momentum going forward,” the analysts wrote in a note to clients.