NEUREN PHARMACEUTICALS LIMITED (NEU)
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29/06/2026

1

Buy

$23.50

41.57%

The European regulator has reversed its initial rejection of Daybue after re-examination, and Bell Potter considers it extremely likely the drug advisory body will formalise the recommendation and approve trofinetide in Europe in two months' time.

The approved label would only be for European patients over five years old compared to the US where patients over two years old are eligible.

Neuren Pharmaceuticals would be eligible to receive a US$35m milestone upon further sales and tiered royalties on EU sales at a rate of 15%–21%. This adds around $2/share to the broker's valuation based on current forecasts.

Buy rating maintained. Target rises to $23.50 from $22.00.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 30.70 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 10.90 cents.

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30/06/2026

1

Buy

$24.00

44.58%

Canaccord Genuity maintains a Buy rating on Neuren Pharmaceuticals with an unchanged $24.00 target price following a positive CHMP opinion supporting European approval of Daybue for Rett syndrome.

The analyst expects European Medicines Agency approval within the coming months, with the EU label covering patients aged five years and older compared with the US label, while Neuren continues to receive royalty streams from Daybue sales through its partnership structure.

The analyst maintains a positive outlook on the commercial pathway, noting the company’s royalty agreement with Acadia Pharmaceuticals for Daybue and the potential for further value creation from NNZ-2591 development.

Phase III trials for Phelan McDermid syndrome remain on track, with patient recruitment progressing and potential catalysts including Daybue Japan approval, NNZ-2591 trial updates and ongoing clinical development milestones.

Canaccord’s valuation remains unchanged at $24.00 per share based on a sum-of-the-parts methodology including Daybue, NNZ-2591 and ROV-based opportunities.