Australia's Neuren sinks as Rett drug setback prompts Jefferies PT, outlook cuts
Neuren Pharmaceuticals NEU.AX slips 3.41% to A$12.750, heading toward a tenth straight day of losses
Stock slids 22.9% so far this week and is on track for its weakest weekly showing in over 11 weeks
Jefferies trims PT and annual earnings forecasts for NEU after setback for Rett treatment drug application from European regulator
NEU on Tuesday said licensee Acadia Pharmaceuticals ACAD.O has reported that a committee of the European Medicines Agency issued a negative trend vote on its marketing-authorisation application for the trofinetide drug
Jefferies says following the latest setback, it now assumes EU trofinetide royalties will begin in Q4 rather than Q2, cutting NEU's FY26 NPAT forecast to A$48.1 million ($33.48 million) from A$58.2 million
Trims its price target to A$27 from A$27.75, maintains "Buy" rating
Stock down 31.5% YTD
($1 = 1.4366 Australian dollars)
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