Jul. 29 at 12:08 PM
Canaccord Genuity⬆️
$CRVO PT to
$27 from
$21, reit'd Buy & said "The key change we are making is that we are raising our probability of approval estimate from 20% to 33%, which we believe is reasonable based on these encouraging 32-week OLE data."
$TEVA $GSK $SNY $ESALF
Canaccord Genuity added, "We continue to model a potential launch for neflamapimod in DLB in 2030E with peak unadjusted sales of
$1.9bn in 2035E (our current model horizon).
We also model a potential raise of
$75MN (v.
$25MN earlier) in 4Q25 on potential regulatory alignment on a Phase 3 program, and are raising our R&D expense estimates in 2026E to account for a potential Phase 3 start.
We still include no specific contribution in our model from ex-US sources, or from ex-DLB programs, e.g., primary progressive aphasia (PPA, which is a sub-type of frontotemporal dementia/FTD), recovery from stroke, etc. These changes result in our DCF-based price target going from
$21 to
$27."
