Poxel - Light H1 update: TWYMEEG® sales on track but departures continue
Last night, Poxel released its H1 update with the TWYMEEG® sales update (in line with FY '23 forecast) and especially the departure of the Sr VP IR for the US being the most important news item in our view.Still awaiting clarity on Ph3 NASH strategy; Ph2 study launches for ALD still subject to additional financing.We stick to our TP and Buy rating considering that our current valuation is for c. 90% based on TWYMEEG® estimates alone, the additional NASH/AMN/ADPKD programs are merely upside for now. Given the delta between the current share price and our TP (which takes into accountPoxel is a clinical-stage biopharmaceutical company focused on the development of treatments for type 2 diabetes and metabolic disease. Co.'s two drug candidates, Imeglimin and PXL770, are intended to complement and augment existing type 2 diabetes therapies, including in patients who no longer fully respond to such therapies, with the goal of helping patients better control their type 2 diabetes and reduce potentially disabling or fatal complications.
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