Destiny Pharma PLC undervalued compared to peers, suggests finnCap
“Phase 3 trial design is due to be finalised in H1 2022, which should catalyse partnering discussions.“
Destiny Pharma’s 29021 year-end cash of £4.65mln together with a £6.5mln fundraise in March 2022 provides a funding runway into mid-2023, says house broker finnCap.
“With several companies active in the NTCD-M3 data room, we look forward to the company securing a partner to co-fund the Phase 3 trial.
“Final regulatory discussions (with FDA and EMA) for the Phase 3 trial design are due to be finalised in H1 2022, which should catalyse partnering discussions.“
The broker’s target price remains 306p, which it adds implies an enterprise value of £220mln and also recognises the upside potential given the substantially higher valuations for companies focused on CDI (NYSE:CDI) recurrence such as Seres Therapeutics (NASDAQ:MCRB) “that arguably have less compelling profiles than NTCD-M3”.