In today’s briefing:
- Clinuvel Pharmaceuticals (CUV AU): Great Marketed Product; Strong Financials; Rich Pipeline
- Giant Biogene Pre-IPO – The Positives – Fast Growth and Juicy Margins
- Inari Medical. Company Update: Downgrade To Neutral
Clinuvel Pharmaceuticals (CUV AU): Great Marketed Product; Strong Financials; Rich Pipeline
- Since publishing my bullish insight on Clinuvel Pharmaceuticals (CUV AU) on April 29, the company reported ongoing positive financial performance and progress across its expanded clinical program.
- In Q4FY22, Clinuvel’s customer receipts surged 62% y/y to AUD24.05 million, mainly driven by rising clinical demand for Scenesse treatment.
- Clinuvel stands out amongst its domestic peers for being profitable and cash flow positive. The company has sufficient cash reserves to self-finance planned organic growth.
Giant Biogene Pre-IPO – The Positives – Fast Growth and Juicy Margins
- Giant Biogene (GB) aims to raise around US$500m in its Hong Kong IPO.
- GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
- In this note, we talk about the positive aspects of the deal.
Inari Medical. Company Update: Downgrade To Neutral
- We downgrade Inari Medical (NARI US) shares to Neutral and lower a price target to $83.00, implying a ~4% upside.
- We see limited upside to Inari Medical (NARI US) shares due to peer-group multiple compression, slow expansion in Europe and Asia, and rising operating expenses.
- Inari Medical (NARI US) completed SPO, issued 2.3M shares, and raised ~$174M to strengthen the balance sheet in 1Q22.
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