AELIS FARMA BUY | EUR21 Americans consume more cannabis than tobacco, Buy rating reiterated
We recently caught up with management ahead of H1 results, noting that i) recruitment for the phase 2b trial with AEF0117 for cannabis-related disorder (CRD) is on track with faster than expected patient recruitment and results expected in H2 2023/H1 2024, ii) phase 2a data is expected to be published in a high-impact journal in H1 2023, thereby increasing visibility on the molecule, and iii) a publication is expected for AEF0217 phase 1 (healthy volunteer) and pre-clinical data that should shine more light on the compound’s safety and efficacy. We still expect the cannabis-related disorder (CRD) treatment market to grow at a 37% CAGR supported by further growth in the consumer market. We reiterate our Buy rating with a TP of EUR21.
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