Analyst Chris Shibutani of Goldman Sachs maintained a Buy rating on Royalty Pharma (RPRX – Research Report), with a price target of $56.00.
Chris Shibutani has given his Buy rating for Royalty Pharma’s stock due to a multitude of factors. Firstly, the third quarter of 2023 showcased a strong performance by the firm. Royalty Pharma’s revenues exceeded Goldman Sachs’ estimates, and their EPS was also higher than both Goldman Sachs and consensus forecasts. The firm’s full-year guidance for 2023 was also revised upwards, indicating a positive outlook.
Furthermore, the firm’s operating expense guidance and interest expense were reiterated, indicating stability in their financial management. The firm also saw an increase in deal activity during the third quarter, reinforcing confidence in the company’s future. Shibutani also appreciates the creative approaches the company employs to adapt to key dynamics such as clinical trial risks and the interest rate environment. Finally, the firm is expected to meet or even exceed its capital deployment target by the end of 2026, further strengthening the Buy rating.
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Royalty Pharma (RPRX) Company Description:
New York-based Royalty Pharma Plc is a biopharmaceutical company, which is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry.
Read More on RPRX:
- Royalty Pharma Q3 revenue $536M, consensus $614.36M
- Royalty Pharma Reports Third Quarter 2023 Results
- Royalty Pharma Announces Agreement to Purchase Up to $1.5 Billion of PTC Therapeutics’ Royalty on Evrysdi
- PTC Therapeutics signs royalty agreement with Royalty Pharma for Evrysdi
- Royalty Pharma Declares Fourth Quarter 2023 Dividend
