ReNeuron has received a target price upgrade from Liberum after today’s full-year results.
Today’s numbers reflect the pivot towards exosomes that has been undertaken since January, said the house broker, with the cost base more streamlined and the cash position marginally ahead of expectations (read more).
“The group is at an exciting point in its development with a strong stem cell platform grounded in IP and genuine excitement building in the exosome field.
“The cash runway to the end of calendar second quarter 2023 continues to weigh down shares, but we are confident in management’s ability to deliver on exosome licensing agreements that could potentially underwrite the entire market cap and drive material upside.”
Buy with an upgraded target price of 85p/share (80p) is Liberum’s view. Shares were unchanged at 28p.