Commentaire CSFB daté du 07/09/2004

· NicOx (Underperform, €3.00, target price €2.90)

· Our Underperform rating is principally based on our view that the stock represents option money until the company can provide positive results from the ongoing Phase IIb trials for HCT3012 and/or NCX4016 and garner a suitable partnership.
Although we concede that the stock could see a significant uptick should these events occur (as arguably one of the most interesting late-stage concepts in drug profile augmentation is validated), not finding a partner could force NicOx into a clinical trial programme that could give it one shot on goal and a risk/reward profile that is unpalatable to all but the most adventurous biotechnology investors.

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