Clinigen - H1 trading update: re-establishing confidence

Davy Research
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Clinigen has delivered a solid H1 trading update, underpinning our forecasts for fiscal years 2021 and 2022. As per our detailed November report, we continue to think the business is materially mispriced, with the stock currently trading on 10.9x FY 2021 PE, falling to 8.8x PE for FY 2022. As growth reaccelerates through fiscal year 2022 and with Proleukin newsflow catalysts through 2021, this sets the stage for a material re-rating. We reiterate our ‘Outperform’ rating and £10 price target.