UCB upgraded to Buy at Deutsche Bank ahead of FDA calls on Bimzelx

As previously reported, Deutsche Bank upgraded UCB to Buy from Hold with a price target of EUR 100, up from EUR 85, following the company’s report of first half results and ahead of the “imminently-due and all-important” FDA approval of Bimzelx for psoriasis that is due in Q3. The approval assumption is “not entirely risk-free given the track record of repeated delays,” but the firm views the rest of the UCB story as “relatively low-risk at this point” and argues that FY24 catalysts “look largely underappreciated.”