Invest Securities has slightly lowered its price target to 3.2E (from 3.5E), but has reiterated its buy rating.

The analyst believes that the effective start-up of DRY is positive, and reflects management's efforts to accelerate clinical development, with 2 pilot studies on innovative implants currently being recruited: MINERVA and DRY.

Nevertheless, with regard to Artus, the Group is behind schedule, having planned for CE marking in 2024, which we find difficult to achieve. As a result, Artus should now be the second entrant on the market for artificial sphincters to treat urinary incontinence, but given the significant medical need, several solutions are likely to coexist," indicates Invest Securities.

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