RE: nice rns15 Sep 2020 09:40
Keep moving higher on all buying so far 59p +2.50p .
Panmure comment reiterate 84p
Diurnal has announced results for the year ended 30 June 2020, which covers a period during which the company made significant strides forward, with this momentum continuing into the post-period timeframe. Commercial sales numbers were effectively pre-announced in July - we note also that R&D and SG&A expenditure were also both lower for the year than we'd anticipated - to deliver a reported pre-tax loss of £5.3m ahead of our £8.5m pre-tax loss estimate. The Alkindi® Sprinkle US PDUFA date of 29 September is the next significant near-term news flow event while recommendation for approval of Chronocort® in Europe continues to be expected in Q1 2021. Full steam ahead, we reiterate our Buy recommendation and 84p rNPV-derived target price