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Highlights
- ASX-listed, Neuren develops drug therapies for neurological disorders
- The launch of DAYBUE in the US by Acadia drove half yearly profit after tax to AUD 47.8 million
- Highest stake in NEU is held by Milford Asset Management Ltd. with a shareholding of 5.15%
Neuren Pharmaceuticals Limited (ASX:NEU) focuses on developing novel drug therapies which target neurological disorders. The company has received approval from the US FDA for its product DAYBUE™ (trofinetide), intended to treat Rett syndrome in both adult and pediatric patients aged two years and older. Additionally, Neuren's drug candidate NNZ-2591 is currently in Phase 2 trials.
The AUD 2.66 billion-market-cap firm reported income of AUD 64.4 million in the first half of the financial year 2023 (1HFY23), compared to AUD 0.3 million in the previous corresponding period. During the reported period, profit after tax stood at AUD 47.8 million, underpinned by the launch of DAYBUE by Acadia in the US. Revenue from DAYBUE was AUD 62.9 million in 1HFY23.
Top 10 shareholders of NEU
The ten shareholders of NEU have around 22.91% shareholding in the firm, while the top four have approximately 13.23% stake in the firm. Milford Asset Management Ltd. and Cameron Richard Pty. Ltd. have the highest stake in the firm, with a shareholding of approximately 5.15% and 3.30%, respectively.
Recent business update
Through an ASX-filing dated 16 February 2024, the company had responded to a report published by Culper Research on its partner – Acadia Pharmaceuticals (NASDAQ:ACAD). The report indicated that NEU has a short position on its partner. The company updated that many reports have different perspectives on Acadia and NEU from Culper.
On 31 January 2024, the company released its fourth quarter update for FY23. The quarter witnessed the launch of DAYBUETM in the US for Rett syndrome by Acadia, partner of NEU. Presently, royalty to Neurern is 10% of net sales, therefore earnings in third quarter stood at AU 10.4 million and expected earnings for the fourth quarter is AUD 12.1 – 13.2 million. During the quarter, the company advanced clinical trials.
Outlook
The company expects to see increase in revenue with the launch of DAYBUE in the US. The focus is on realizing its share of trofinetide ex-US value via its expanded partnership with Acadia, globally. Moreover, the company is focused on confirming efficacy of NNZ-2591 in phase 2 trials for four valuable indications.
Share performance of NEU
NEU shares closed 2% down at AUD 20.13 apiece on 21 February 2024. With this, NEU’s share price has increased by whopping 181.15% in the last 12 months and has recorded a rise of 64.06% in the last six months.
The 52-week high of NEU is AUD 25.95, recorded on 28 December 2023, while the 52-week low is AUD 6.72, recorded on 23 February 2023.
NEU Daily Technical Chart, Source: EODHD/Others
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 21 February 2024. The reference data in this report has been partly sourced from EODHD/Others.
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