Crossject SA

Crossject SA is a France-based company that designs and develops medical injection systems. The Company specializes in needle-free, pre-filled, single-use injection systems for intradermal, subcutaneous and intramuscular applications for pharmaceutical companies. Is also has a pipeline and three drugs in the preclinical or clinical phase of research. The Company's products, which are based on well-known injectable drugs (chemicals and biologics), are designed to enhance patients' safety, compliance and comfort. Crossject's first ZENEO SUPERGENERIC product is expected to reach the market in the year 2015. The Company has industrial partnerships with Hirtenberger and Recipharm.
  • TickerA1XEH4
  • ISINFR0011716265
  • ExchangeEuronext Paris
  • SectorHealth Care Equipment & Services
  • CountryFrance

Analysts

Bond conversion

Bond conversion SIGNIFICANT NEWS FACT Crossject has announced that Gemme Venture, the company’s main shareholder, had converted 100% of the convertible bonds (869,565) it had subscribed to in July, at a price of €1.4892, thus leading to the creation of 591,304 new shares (+6.3%) and raising its stake to 24.3% (from c.20%). ANALYSIS The news confirms the confidence of Gemme Venture in the business model and translates into a c. €880k strengthening of shareholders’ funds, which reached €2.35m at the end of June 2018. IMPACT No major change to our numbers after the news. The extra diluti...

The delayed launch of Zeneo implies a lower target price (Crossject)

The delayed launch of Zeneo implies a lower target price TARGET CHANGE CHANGE IN EPS2018 : € -0.91 vs -0.94 ns 2019 : € -0.73 vs -0.79 ns Our EPS forecasts only move marginally in the short term and are not very significant since the company will start selling Zeneo as of 2021. They mostly depend on the level of external charges and staff costs engaged to prepare for the commercial launch of Zeneo. CHANGE IN NAV€ 17.2 vs 19.0 -9.66% Our SOTP valuation goes down in line with a smaller than expected turnover over 2020-23, which is the basis for our calculation of the average level of sales by...

Martial Descoutures ...
  • Thibaut Voglimacci-Stephanopoli

INVEST SECURITIES - Crossject : Une valorisation occultant la moitié du pipeline - ACHAT, OC 3€ vs 8€

La baisse d'hier (-37%) cristallise la frustration des investisseurs suite aux décalages successifs du calendrier de dépôt des AMM et les incertitudes autour de ZENEO Midazolam aux US. Ces décalages ont un impact non négligeable mais la valorisation actuelle ne semble pas totalement justifiée. Après ajustements de nos perspectives et de la perception du risque, nous abaissons fortement notre OC à 3€ mais conservons notre opinion ACHAT avec une valorisation actuelle n'intégrant que 50% du pipeline.

H1 18: insignificant; some more time needed to reach the market

H1 18: insignificant; some more time needed to reach the market EARNINGS/SALES RELEASES FACT Crossject released its H1 18 results. Revenues reached €2,840k (vs €1,635k), operating result €-5,337k (vs €-4,256k), and the net result €-4,744k (vs €-3,360k). Net cash at the end of H1 18 was €796k vs €6,096k a year ago and €2,500k at the end of FY17, to which should be added €5.6m cashed in July (subsidies, tax credit and the last convertible bond issued). ANALYSIS As always, the results are not very important as such since no product has reached the market yet, except for the cash-burn which...

On its way to reaching the market (Crossject)

On its way to reaching the market TARGET CHANGE CHANGE IN EPS2018 : € -0.94 vs -0.36 ns 2019 : € -0.79 vs -0.06 ns We have fine-tuned our numbers in the back of the group’s latest comments as well as integrating the new NTE to be developed (Terbutaline) instead of Apomorphine which is now on stand-by. This said, short-term numbers have little meaning (other than the group’s cash-burn) since first sales should be booked in FY20. CHANGE IN NAV€ 19.0 vs 18.2 +4.78% We have adjusted our numbers to take into account Terbutaline, the new therapeutic entity the group expects to develop alongside t...

Bond conversion

Bond conversion SIGNIFICANT NEWS FACT Crossject has announced that Gemme Venture, the company’s main shareholder, had converted 100% of the convertible bonds (869,565) it had subscribed to in July, at a price of €1.4892, thus leading to the creation of 591,304 new shares (+6.3%) and raising its stake to 24.3% (from c.20%). ANALYSIS The news confirms the confidence of Gemme Venture in the business model and translates into a c. €880k strengthening of shareholders’ funds, which reached €2.35m at the end of June 2018. IMPACT No major change to our numbers after the news. The extra diluti...

The delayed launch of Zeneo implies a lower target price (Crossject)

The delayed launch of Zeneo implies a lower target price TARGET CHANGE CHANGE IN EPS2018 : € -0.91 vs -0.94 ns 2019 : € -0.73 vs -0.79 ns Our EPS forecasts only move marginally in the short term and are not very significant since the company will start selling Zeneo as of 2021. They mostly depend on the level of external charges and staff costs engaged to prepare for the commercial launch of Zeneo. CHANGE IN NAV€ 17.2 vs 19.0 -9.66% Our SOTP valuation goes down in line with a smaller than expected turnover over 2020-23, which is the basis for our calculation of the average level of sales by...

Martial Descoutures ...
  • Thibaut Voglimacci-Stephanopoli

INVEST SECURITIES - Crossject : Une valorisation occultant la moitié du pipeline - ACHAT, OC 3€ vs 8€

La baisse d'hier (-37%) cristallise la frustration des investisseurs suite aux décalages successifs du calendrier de dépôt des AMM et les incertitudes autour de ZENEO Midazolam aux US. Ces décalages ont un impact non négligeable mais la valorisation actuelle ne semble pas totalement justifiée. Après ajustements de nos perspectives et de la perception du risque, nous abaissons fortement notre OC à 3€ mais conservons notre opinion ACHAT avec une valorisation actuelle n'intégrant que 50% du pipeline.

H1 18: insignificant; some more time needed to reach the market

H1 18: insignificant; some more time needed to reach the market EARNINGS/SALES RELEASES FACT Crossject released its H1 18 results. Revenues reached €2,840k (vs €1,635k), operating result €-5,337k (vs €-4,256k), and the net result €-4,744k (vs €-3,360k). Net cash at the end of H1 18 was €796k vs €6,096k a year ago and €2,500k at the end of FY17, to which should be added €5.6m cashed in July (subsidies, tax credit and the last convertible bond issued). ANALYSIS As always, the results are not very important as such since no product has reached the market yet, except for the cash-burn which...

On its way to reaching the market (Crossject)

On its way to reaching the market TARGET CHANGE CHANGE IN EPS2018 : € -0.94 vs -0.36 ns 2019 : € -0.79 vs -0.06 ns We have fine-tuned our numbers in the back of the group’s latest comments as well as integrating the new NTE to be developed (Terbutaline) instead of Apomorphine which is now on stand-by. This said, short-term numbers have little meaning (other than the group’s cash-burn) since first sales should be booked in FY20. CHANGE IN NAV€ 19.0 vs 18.2 +4.78% We have adjusted our numbers to take into account Terbutaline, the new therapeutic entity the group expects to develop alongside t...

A director bought 10,000 shares at 6.030EUR and

A director at Crossject bought 10,000 shares at 6.030EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boa...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Anaïs Dudout

Proxy Report - 17/05/2018

Nous regrettons le choix de la société de mettre en place les droits de vote double sous conditions de détention au nominatif depuis au moins de xu ans, qui constituent une rupture du principe de démocratie actionnariale et qui impose des coûts de passage au nominatif réellement importants pour de nombreux gérants d'actifs. Nous recommandons l'opposition à la résolition 11. Notons que la société a publié dans les délais légaux son rapport des commissaires aux comptes sur les comptes sociaux, ce qui est positif. Nous pourrons ainsi recommander l'approbation à la première résolution.

Jehanne Leroy

Etude de l'AG du 17/05/2017

Amélioration significative par rapport à l'an dernier : le rapport de gestion a, cette année, été publié dans les délais légaux spécifiques au marché Alternext (15 jours avant l'AG). Cependant, la société ne communique toujours pas dans les délais légaux les rapports des commissaires aux comptes sur les comptes ou sur les convention réglementées.​

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