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Open Orphan target of 19p repeated by finncap after bullish update

“We leave forecasts unchanged, but with room for upside depending on uptake of the COVID-19 test.”

Open Orphan PLC -

 Open Orphan PLC (LON:ORPH) should be able to generate cost savings of €7.5m by year-end 2020, according to broker finncap.

Allied to a strong pipeline of work to build revenues in the second half of 2020 that should enable the business to reach operational profitability by the third quarter of this year.

“We leave forecasts unchanged, but with room for upside depending on uptake of the COVID-19 test, and reiterate our target price of 19p,” it said.

The company had earlier said it was targeting operational profitability by the third quarter of the year following its merger with hVIVO.

The enlarged business, which provides outsourced services for the life sciences industry, said it was also expecting to remove a further €2.5mln in costs in the second half of the year.

In an update alongside its full-year results, Open Orphan talked of “unprecedented growth opportunities as pharma focuses funding on Covid-19 and respiratory diseases”.

Quick facts: Open Orphan PLC

Price: 24.7 GBX

AIM:ORPH
Market: AIM
Market Cap: £165.01 m
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on 09/30/2020

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