50p all the way16 Oct 2009 18:19
Shares in Phytopharm (PYM.L) rocket more than 200 percent after the British biotech minnow reports promising early test results with its Parkinson's disease drug Cogane, prompting KBC Peel Hunt to double its price target to 50 pence and repeat its "buy" rating.
"Phytopharm's pharmaceutical pipeline is worth considerably more than the current valuation implies," says the broker in a note.
"Should the company go on to demonstrate proof of concept in humans, Cogane will become extremely attractive to pharmaceutical partners, and the value in Phytopharm will become increasingly more visible," it adds.