AELIS in Wonderland - Initiation of coverage

We initiate AELIS FARMA with a BUY rating and a TP of 21 EUR. AELIS FARMA is a French clinical-stage biotechnology company developing a novel pharmacological class of CB1 signaling-specific inhibitors (CB1-SSi) targeting various unmet neurological indications and addiction. The two clinical candidates the company are developing target cannabis-related disorder (CRD), Down syndrome (DS), and Fragile X syndrome (FX). The company’s CRD candidate AEF0117 (‘117) has recently finished phase IIa study,...