Opinion change, from Reduce to Buy (Neovacs)

information fournie par AlphaValue •06/01/2016 à 17:17

OPINION CHANGE

CHANGEMENT D’OPINION

Buy vs Reduce

CHANGEMENT D’EPS

2015 : € -0.13 vs -0.13

2016 : € -0.25 vs -0.27 ns

Due to the new funding from Bpi France (€5m), we have decreased the financial expenses, leading to a slight increase in EPS 2016.

CHANGEMENT DE NAV

€ 1.87 vs 1.34 +39.8%

We have revised up the valuation for IFN Kinoide after the partnership signed in late 2015, with a positive impact from 2016. This partnership strengthens the likelihood of success in Lupus and dermatomyositis, even if the results of the phase IIb is expected in late H1 17.