Small-Cap Highlights: Management Shuffle at Hugo Boss, LSD's Success, Yoox Outlet's Surge

Stefan Sturm, chairman of the supervisory board at Hugo Boss, is stepping down—he had a disagreement with the company’s largest shareholder, the British retailer Frasers. A drug based on the psychedelic LSD from Definium Therapeutics has shown promising results in late-stage trials, and the company plans to seek approval for it. LuxExperience, which sells luxury goods through the online stores Mr Porter and Yoox, exceeded Wall Street’s revenue expectations and anticipates growth next year. Highlights from the small-cap sector for the week of September 14–18 are featured in the Oninvest digest.

Stefan Sturm, chairman of the Hugo Boss supervisory board, will step down from his position no later than October 15, 2026, the company announced on Monday, September 14. British retailer Frasers said that the decision regarding Sturm's departure was reached “by mutual agreement,” according to a comment reported by Reuters.

In June, Frasers Group offered to buy out Hugo Boss shareholders’ shares at €38 per share, valuing the company at approximately €2 billion ($2.31 billion), but the deal fell through. The Hugo Boss executive board and supervisory board unanimously recommended that shareholders reject the offer, as it undervalued the company and failed to take into account its prospects as an independent business.

The management shakeup at Hugo Boss comes amid a 10% decline in revenue in the second quarter of 2026, to €905 million. The company has kept its 2026 forecast unchanged: it expects sales to decline by a mid-to-high single-digit percentage and operating profit to range from €300 million to €350 million. In 2025, this figure stood at €391 million.

According to Market Screener, nine analysts recommend holding the company's stock, while three recommend buying it. The average price target is €40.6, which is approximately 6.9% higher than the closing price on September 18.

Definium Therapeutics, a biotech company developing psychedelic-based therapies, announced the success of a late-stage trial of an LSD pill in patients with generalized anxiety disorder. The latest DT120 study marks the second successful Phase 3 trial of this drug specifically for this condition and the third overall—the drug had previously shown positive results in trials for major depressive disorder (clinical depression).

Definium plans to submit a marketing application for the drug to the U.S. Food and Drug Administration (FDA) in the first half of 2027.

All 18 Wall Street analysts covering the company recommend buying its stock (with “Buy” and “Overweight” ratings). The average price target is $71.88—which is 85% higher than the closing price on September 18.

Enova International, which specializes in online lending to small businesses and individuals, has decided not to acquire the digital bank Grasshopper and has withdrawn all applications for the transaction from the regulators.

“Regulators do not have clear standards for non-bank organizations that want to become banks and serve customers whose credit needs are currently met primarily outside the banking system,” the company quoted Enova CEO Steve Cunningham as saying in a press release.

Enova is a fintech company without a banking license and had hoped to obtain one by acquiring Grasshopper. It is now required to comply with the maximum interest rate limits set by each U.S. state or to operate in partnership with other banks. Having a license would allow it to bypass those restrictions .

After the deal fell through, the company’s stock plummeted by more than 23% on September 15. Wall Street has not yet revised its view on Enova: all seven analysts recommend buying its stock. The average price target is $245.14, which is nearly 40% higher than the closing price on September 18.

The Dutch company LuxExperience, which owns the premium online retailer Net-a-Porter and the online discount retailer Yoox, reported quarterly revenue that exceeded Wall Street expectations and issued an optimistic outlook for the new fiscal year. The company’s stock price soared 23.2% on September 16.

LuxExperience’s revenue in the fourth fiscal quarter (ended June 30) rose 6.1% year-over-year to €653.6 million. Analysts had expected €643.9 million. All of the group’s divisions posted positive growth, including the combined Net-a-Porter and Mr. Porter—for the first time since their acquisition in April 2025.

At the end of the fiscal year, LuxExperience’s revenue declined by 0.6% to €2.47 billion. However, the forecast for fiscal year 2027 calls for revenue growth in the mid-to-high single-digit range.

Wall Street is generally cautious about LuxExperience's prospects: three analysts recommend holding the stock, and two recommend buying it. The average price target of $8.74 is 13% below the stock's closing price on September 18.