Leerink Partners analyst Andrew Berens has maintained their bullish stance on AZN stock, giving a Buy rating on February 20.
Andrew Berens has given his Buy rating due to a combination of factors surrounding AstraZeneca’s strong pipeline updates and strategic corporate developments. The acceptance of the Biologics License Application for datopotamab deruxtecan in a particular lung cancer patient population by the FDA indicates potential market expansion and reinforces the company’s oncology portfolio. Additionally, the Phase 3 results for the drug Tagrisso suggest its further entrenchment as a standard treatment, expanding its use in earlier stages and in combination with chemotherapy, which can lead to sustained revenue growth for AstraZeneca.
Moreover, Berens recognizes the strategic acquisition of Icosavax, which broadens AstraZeneca’s vaccine portfolio and could be a significant contributor to future growth. The financial forecast for collaboration revenue in 2024, along with the anticipation of further business development deals, provides a positive outlook despite the forthcoming loss of exclusivity for Farxiga. These elements collectively underpin Berens’s confidence in AstraZeneca’s potential for growth and justify the Buy rating for the stock.
In another report released on February 20, Berenberg Bank also maintained a Buy rating on the stock with a $75.50 price target.
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AstraZeneca (AZN) Company Description:
Founded in 1992, UK-based AstraZeneca Plc is a leading global pharmaceutical company, which is engaged in delivering life-changing medicines. The company produces and commercializes medicines for cancer, gastrointestinal, cardiovascular, neuroscience, oncology, respiratory and inflammation and other infectious diseases.
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