(CercleFinance.com) – MedinCell shares continued to rise on Friday morning on the Paris Stock Exchange, the biopharmaceutical company continuing to benefit from a favorable note from Jefferies published yesterday.
At 9:15 a.m., the specialist in injectable drugs gained 0.8%, compared to a loss of 0.8% at the same time for the CAC Mid & Small, after having jumped more than 8% the day before.
Jefferies analysts initiated coverage of the stock with a buy recommendation and a price target of 12 euros, showing a potential appreciation of 60% compared to the current price.
‘We consider MedinCell to be the best positioned player in the field of long-acting injectable products thanks to its cutting-edge drug delivery technology which should allow it to outperform its competitors in indications where the medical need is significant and growing ‘, underlines the American broker.
Jefferies’ initiation of coverage comes as MedinCell recently reached commercial stage with Teva’s marketing of the Uzedy subcutaneous formulation for the treatment of schizophrenia.
After this first approval from the FDA, the American regulatory agency, MedinCell is also developing new treatments using its BEPO technology, including two drug candidates currently in Phase 3 whose first results are expected in 2024.