BofA raised the firm’s price target on Jazz Pharmaceuticals (JAZZ) to $263 from $247 and keeps a Buy rating on the shares following the detailed presentation of Phase 3 HERIZON-GEA-01 data at ASCO GI. Shares were under pressure after the presentation, but the firm thinks the selloff was “unwarranted” as the presentation did not yield any material findings to change the drug’s approval prospects or peak sales outlook, the analyst tells investors. The firm thinks the full data look good and support a $1B peak sales forecast for Ziihera in first-line gastroesophageal adenocarcinoma, adds the analyst, who increased the view of program’s odds of success to 85% from 63%.
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