Redeye provides a research update following the Q2 report published by Cinclus earlier today. Overall, the financials were reported in line with our expectations and did not provide any surprises. Importantly, the initial ongoing phase III HEEALING1 study is now fully enrolled ahead of the anticipated topline readout in Q4. Following Redeye's new valuation approach, which factors in both fundamental valuation and relative valuation, we assign Cinclus a new fair value of SEK46 per share.
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