IVX – Morgans rates the stock as Add

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The smoking cessation data release has been delayed to the end of September. This means the company will be requiring further dilutive funding and has undertaken a private placement of $1m.

Morgans updates its model to reflect the recent capital raising and reduces the target to 8c from 11c. The main risk is poor clinical results which would reduce the ability to partner or sell the assets. The broker retains an Add rating.

Sector: Pharmaceuticals & Biotechnology.

Target price is $0.08.Current Price is $0.02. Difference: $0.07 – (brackets indicate current price is over target). If IVX meets the Morgans target it will return approximately 81% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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