In a report released on April 21, Andrew Berens from Leerink Partners maintained a Buy rating on AstraZeneca (AZN – Research Report), with a price target of $85.00.
Andrew Berens has given his Buy rating due to a combination of factors including the promising results from AstraZeneca’s DESTINY-Breast09 trial. The trial demonstrated a significant improvement in progression-free survival (PFS) for Enhertu combined with pertuzumab compared to the standard treatment regimen for patients with first-line HER2+ metastatic breast cancer. This outcome suggests a potential shift in the treatment paradigm, which has been dominated by the THP regimen for years.
Furthermore, the safety profile of the Enhertu and pertuzumab combination aligns with known profiles of the individual drugs, although specific adverse events like interstitial lung disease were not detailed. The anticipation of presenting this data to regulatory authorities and at medical meetings could pave the way for an expanded approval of Enhertu. Additionally, the enthusiasm among physicians for Enhertu’s entry into the frontline treatment, despite concerns about safety profiles, supports a positive outlook for AstraZeneca’s stock.
In another report released on April 15, Exane BNP Paribas also initiated coverage with a Buy rating on the stock with a $75.00 price target.
AZN’s price has also changed moderately for the past six months – from $77.440 to $66.900, which is a -13.61% drop .