Small caps last week: Hugo Boss shakeup, anxiety pill success, LuxExperience sales
Hugo Boss' board chair, Stephan Sturm, will step down after Frasers Group reached a 47.89% stake in Hugo Boss and began reviewing its support for him / Photo: Vytautas Kielaitis / Shutterstock.com
Hugo Boss supervisory board chair Stephan Sturm is stepping down after a disagreement with the company’s largest shareholder, British retailer Frasers. Meanwhile, last week biotech Definium Therapeutics reported another successful late-stage trial of its LSD-based drug and plans to seek approval, while Dutch online luxury retailer LuxExperience beat Wall Street’s revenue expectations and guided for top-line growth for its new fiscal year following a drop in the last one. These stories headline the Oninvest recap of the small-cap space for the week of September 14-18.
Hugo Boss board chair to step down
Hugo Boss supervisory board chair Stephan Sturm will step down no later than October 15, the company said on Monday. Frasers said it and Sturm had “mutually agreed” that he would step down, Reuters reported.
In June, Frasers Group offered to buy out Hugo Boss shareholders for EUR38 per share, valuing the company at around EUR2 billion ($2.31 billion), but the deal did not go through. Hugo Boss’ managing and supervisory boards unanimously recommended that shareholders reject the offer, saying it undervalued the company and its prospects as an independent business.
The change at Hugo Boss comes as its second-quarter revenue fell 10% year over year to EUR905 million. The management maintained its 2026 outlook: it expects sales to decline by a mid- to high-single-digit percentage and operating profit to come in at EUR300-350 million. Operating profit stood at EUR391 million in 2025.
According to MarketScreener data, the stock has nine “hold” ratings and three “buy” calls. The average target price is EUR40.60 per share, around 6.9% above Friday’s close.
Definium anxiety tablet moves toward regulatory approval
Definium Therapeutics, a Biotech developing psychedelic therapies, reported positive late-stage trial results for its LSD-based tablet in patients with generalized anxiety disorder. The latest DT120 study was the drug’s second successful phase III trial for that condition and its third successful phase III trial overall, following positive results in major depressive disorder, or clinical depression. Definium plans to file a new drug application with the U.S. Food and Drug Administration in the first half of 2027.
All 18 analysts covering the stock have “buy” or “overweight” ratings. The average target price is $71.88 per share, implying 85% upside from Friday’s close.
Enova shares plunge after fintech drops bank acquisition
Enova International, which makes online loans to small businesses and consumers, has decided against acquiring digital bank Grasshopper and withdrawn its regulatory applications for the deal. “Regulators do not have clear standards for nonbanks that want to become banks and that serve customers whose credit needs today are met mostly outside of the banking system,” Enova CEO Steve Cunningham said in the company’s press release.
Enova does not have a bank charter and had sought to obtain one through the Grasshopper acquisition. It currently must comply with the interest-rate caps set by individual U.S. states or work with partner banks. A national bank charter would have allowed it to charge borrowers in other states the interest rates permitted in the bank’s home state, even where those borrowers’ states have lower caps.
After the deal fell through, Enova shares plunged more than 23% on Tuesday. Wall Street has yet to update its recommendations on the stock: all seven analysts still rate it “buy.” The average target price is $245.14 per share, implying almost 40% upside from Friday’s close.
YOOX owner LuxExperience expects rebound in sales
Dutch company LuxExperience, the parent of online luxury retailer Net-a-Porter and online discounter YOOX, reported quarterly revenue above Wall Street’s expectations and issued an upbeat forecast for its new fiscal year. Its shares jumped 23.2% on Wednesday.
LuxExperience’s revenue for its fiscal fourth quarter, ended June 30, rose 6.1% year over year to EUR653.6 million. Wall Street had expected EUR643.9 million. Every segment posted growth, including the combined Net-a-Porter and Mr Porter business, which grew for the first time since its acquisition in April 2025. The company's revenue for the full fiscal year fell 0.6% to EUR2.47 billion. The management guides for revenue to grow at a mid- to high-single-digit rate in fiscal 2027.
Wall Street is cautious on LuxExperience stock: three analysts rate it “hold” and two “buy.” The average target price of $8.74 per share is 13% below Friday’s close.
