Jefferies analyst Stephen Barker upgraded Astellas Pharma (ALPMY) to Buy from Hold with an unchanged price target of 2,400 yen after Merck (MRK) announced “positive” detailed results from the Phase 3 EV-302 trial that showed Astellas’ Padcev plus Merck’s Keytruda reduced the risk of death from first-line bladder cancer by 53%. This data is likely to support a broader label and higher sales for Padcev, contends the firm, which is not changing its estimates, but notes there is now 28% potential upside to its price target.
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