Jaguar Health Inc's Stock Recommendation Reiterated as BUY

First Berlin Equity Research GmbH has maintained its BUY recommendation for Jaguar Health Inc, though the target price was adjusted from USD 40 to USD 35. This decision follows the company's first half 2025 results, which showed net revenue of USD 5.2 million, driven primarily by growth in Mytesi. However, operating expenses climbed by 10% to USD 21.6 million, attributed to increased marketing costs for the Gelclair launch.

The firm emphasized Jaguar's focus on rare diseases, noting promising data from trials in Abu Dhabi for microvillus inclusion disease and short bowel syndrome. Despite a promising pipeline, the company's immediate success is tied to securing new funding or partnerships. Management plans to explore licensing agreements to obtain non-dilutive funding.