Orexo Q3: Stronger focus, higher uncertainty
Redeye lowers its valuation for Orexo to SEK 64 per share (previously 72) after today's Q3 report to reflect the declining Zubsolv revenues and the reimbursement uncertainty in the digital therapies area. In this new base case, we have priced in the high operating expenses, litigation costs and uncertainty, delays in clinical development and potential market registration for OX124.