Formycon AG, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Yi Chen from H.C. Wainwright reiterated a Buy rating on the stock and has a €40.00 price target.
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Yi Chen has given his Buy rating due to a combination of factors surrounding Formycon AG’s strategic developments and partnerships. The company has secured a significant partnership with Zydus Lifesciences Limited for the commercialization of FYB206 in the U.S. and Canada, which includes lucrative upfront and milestone payments, as well as a share of the gross profits upon market launch. This deal is complemented by Zydus’ extensive portfolio of FDA-approved products and their recent acquisition plans, which could enhance manufacturing capabilities.
Additionally, Formycon has entered into an exclusive agreement with MS Pharma for the MENA region, further expanding the market reach of FYB206. The company’s biosimilar candidate FYB208 has also achieved technical proof of similarity to Dupixent, suggesting a streamlined path to approval without the need for a Phase 3 clinical trial. These strategic moves, coupled with the potential market opportunities, underpin Yi Chen’s positive outlook and the reiterated Buy rating with a €40 price target.
According to TipRanks, Chen is an analyst with an average return of -2.6% and a 43.06% success rate. Chen covers the Healthcare sector, focusing on stocks such as Formycon AG, RegenXBio, and Alpha Tau Medical Ltd.
In another report released on December 4, Kepler Capital also maintained a Buy rating on the stock with a €33.00 price target.