MedinCell shares continued to rise on Friday morning on the Paris Bourse, as the biopharmaceutical company continued to benefit from a favorable note published yesterday by Jefferies.

At 9.15 am, the injectable drugs specialist gained 0.8%, compared with a loss of 0.8% at the same time for the CAC Mid & Small, after having jumped by more than 8% the previous day.

Analysts at Jefferies initiated coverage of the stock with a Buy recommendation and a price target of 12 euros, indicating a potential appreciation of 60% compared with the current price.

We consider MedinCell to be the best-positioned player in the field of long-acting injectable products, thanks to its cutting-edge drug delivery technology, which should enable it to outperform its competitors in indications where there is a significant and growing medical need", stresses the US broker.

Jefferies' initiation of coverage comes at a time when MedinCell has recently reached the commercial stage with Teva's marketing of the subcutaneous formulation Uzedy for the treatment of schizophrenia.

Following this first approval from the FDA, the US regulatory agency, MedinCell is in parallel developing new treatments using its BEPO technology, including two drug candidates currently in Phase 3 with first results expected in 2024.

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