Berenberg slashes target price on Angle
By Iain Gilbert
Date: Thursday 23 Jan 2025
(Sharecast News) - Analysts at Berenberg slashed their target price on liquid biopsy specialist Angle from 70.0p to 40.0p on Thursday but said the group was "repositioned for growth" in FY25.
Angle released a FY24 trading update on Tuesday morning, in which it said it now expects to deliver revenues of £2.9m - just below the lower end of its H1 guidance range - with its loss for the year expected to be in line with guidance.
Given the decline in revenues reported in H1, Berenberg said it was "encouraging" to see a return to growth in H2 and that management appears positive on the trajectory for FY25.
"Looking ahead, we expect further progress and expansion of the company's existing large pharma partnerships in 2025E and 2026E, with the possibility of further partnership deals to accelerate growth in the medium term," said the German bank, which has a 'buy' rating on the stock.
"For 2026E, ANGLE trades on 5x EV/sales. Our 40p price target is based on a risk-adjusted NPV (rNPV) approach. The reduction to our price target is largely the result of lower estimates."
Reporting by Iain Gilbert at Sharecast.com
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