Broker Date Rating Recommendation Target Price % to Reach Target
Macquarie 29/04/2014 3 Upgrade to Neutral from Underperform $1.07 1.2%
Partner Eli Lilly reported Axiron sales of $39.5m, down 11% on the broker's forecasts. The broker thinks Acrux could find some support at current levels given it has potential projects with large addressable markets and this could attract investors, raising hopes that Axiron royalties will soon be augmented.
The rating is upgraded to Neutral from Underperform, with the broker considering the company's multiple is now at a more reasonable level amid some potential upside from trials that have recently started. The price target is reduced to $1.07 from $1.62.
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