(News Bulletin 247) – Morgan Stanley on Tuesday raised its recommendation on AstraZeneca to ‘weight online’ to ‘overweight’ and raised its price target from 12,800 to 13,200 pence to make the stock its preferred value within the European pharmaceutical sector.
In a research note, the financial intermediary says it expects the British-Swedish lab to ‘lead the race’ in the battle to beat cancer.
Morgan Stanley says it expects the group to consolidate its leadership position in what it describes as ‘intelligent chemotherapy’.
For the analyst, AstraZeneca indeed has an ‘underappreciated’ proprietary platform in antibody-drug conjugates (ADCs) as well as promising potential when it comes to the combination of its existing treatments.
Morgan thus expects new favorable clinical data concerning the anti-cancer drug Enhertu, but also positive conclusions for the Dato-DXd trial in the treatment of lung cancer.
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