MaaT Pharma: EMA Review, Robust Pipeline, and Solid Cash Runway Underpin Buy Rating and Upside Potential

In a report released today, Clémence Thiers from Stifel Nicolaus maintained a Buy rating on MaaT Pharma, with a price target of €19.00.

Clémence Thiers has given his Buy rating due to a combination of factors, notably the advanced regulatory status of MaaT013 (Xervyteg) and its central role in MaaT Pharma’s value. The ongoing EMA review, backed by pivotal ARES data and real-world evidence from the Early Access Program, positions the company for a potential first approval in Europe, while the Clinigen partnership strengthens launch readiness and commercial execution.

In parallel, the pipeline provides additional optionality, with MaaT033 showing a favourable safety profile in the PHOEBUS trial despite extended timelines, and MaaT034 advancing through promising preclinical work toward first-in-human readiness. The company’s cash of EUR24.9m offers funding visibility into August 2026, aligning with key EMA milestones and de-risking the near-term outlook. Combined with substantial upside to the price target, these elements underpin Thiers’s positive stance on the stock.