Panmure Gordon investment case for Allergy Therapeutics

Panmure Gordon Analyst Dr Mike Mitchell says  about Allergy Therapeutics LON:AGY “Today’s interim results confirm strong double digit constant currency revenue growth against a flat market backdrop and, even accounting for currency headwinds, the business has been tracking in-line with our full-year expectations. It is Allergy’s mix of continued commercial traction and breadth of new product opportunities that underpins our investment case on the stock. Our target price of 51p gives strong upside against current levels and having undertaken the placing in November, we consider the company well-resourced to identify, target and acquire/license additional products to add to the current portfolio. Given the trajectory of today’s update and further news flow catalysts within the near- and medium-term.”

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