Acrux: The bear case

Just a month after we upgraded Acrux, the Financial Review has published the case for selling. That’s despite the most recent research finding testosterone replacement therapy (TRT) is safer than earlier studies suggested.Acrux’s share price has more than halved since the unfavourable studies triggered an investigation by the US Food and Drug Administration (FDA) in February, with a decision expected early next year.The bear case centres on three main points: (1) growth for testosterone replacement therapies is slowing; (2) competition from generic and new products is increasing; and (3) Acrux’s main product, Axiron, is an inferior treatment. Let’s examine each claim in...

Just a month after we upgraded Acrux, the Financial Review has published the case for selling. That’s despite the most recent research finding testosterone replacement therapy (TRT) is safer than earlier studies suggested.

Acrux’s share price has more than halved since the unfavourable studies triggered an investigation by the US Food and Drug Administration (FDA) in February, with a decision expected early next year.

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