Phillip Securities has initiated coverage on iX Biopharma with a “buy” recommendation and target price of 45.5 cents.

This comes as the brokerage believes the biotech company could finally turn profitable in FY21 as its revenue could be bumped up by as much as 250%.

It notes that iX Biopharma has started to commercialise its WaferiX subligual delivery of drugs as the company plans to expand capacity.

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