The FTSE 100-listed AstraZeneca PLC (GB:AZN) received two Buy and one Hold ratings yesterday from analysts, predicting a higher upside potential for the share price. The ratings followed after the company announced positive outcomes from a Phase 3 clinical trial of its breast cancer therapy last week. In addition to these developments, analysts hold a positive outlook on the company’s overall drug pipeline, which has the potential to yield new blockbuster drugs.
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Overall, on TipRanks, the stock has received a Strong Buy rating based on a total of 13 recommendations.
AstraZeneca is a leading global pharmaceutical company, catering to billions of people around the world. The company operates under three categories: Oncology, Rare Disease, and BioPharmaceuticals.
Latest Ratings
Following the company’s favorable results in its breast cancer drug trial, many analysts have expressed a bullish outlook about the stock. The results showed statistical and clinical improvement in slowing the progression of a specific type of breast cancer in study participants. The drug, datopotamab deruxtecan, which is being jointly developed by the company and Japan’s Daiichi Sankyo, has garnered significant attention from analysts and investors.
Yesterday, analyst Luisa Hector from Berenberg Bank reiterated her Buy rating on the stock, forecasting a growth rate of 18.7%.
Similarly, Jefferies analyst Peter Welford also confirmed his Buy rating on the stock, suggesting an upside of 16% in the price. Welford also raised his price target on the stock from 10,500p to 13,000p. He believes the company has huge growth potential beyond Oncology, which is currently ‘overlooked’ and not factored in the share price. He added, “R&D assets outside oncology are being largely ignored, offering significant upside optionality, with our deep-dives underpinning up to +8% above consensus Sales and EPS.”
He is particularly bullish on Airsupra, Tozorakimab, Farxiga, and Eplontersen and calls them “blockbuster opportunities.” He also predicts around $1 billion in sales for the Airsupra.
On the same day, Deutsche Bank analyst Emmanuel Papadakis maintained his Hold rating on the stock at a price target of 11,000p.
Is AstraZeneca Share a Good Buy?
As per the consensus rating on TipRanks, AZN stock received a Strong Buy rating, supported by 10 Buy and three Hold recommendations. The AstraZeneca share price forecast stands at 12,825p, signifying a potential upside of 14.3% in the share price.
Year-to-date, the stock has been trading down by 1.02%.
