Degroof Petercam announced on Tuesday that it had reduced its target price for Poxel from 6.4 to 3.5 euros to take account of the dilutive effect of the new financing line with Iris.

The Belgian investment house points out that even this reduced target still shows a potential upside of around 400%, which leads it to believe that the market is underestimating the potential of Twymeeg, the biotech's main drug candidate.

The Brussels-based firm, which maintains its buy recommendation on the stock, points out that its target is 90% based on its forecasts for Twymeeg, which means that its estimates do not take into account potential indications in NASH, adrenomyeloneuropathy (AMN) and autosomal dominant polycystic kidney disease (ADPKD).

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