Jefferies says ODAC vote against AstraZeneca’s SERENA-6 not a surprise

Jefferies analyst Michael Leuchten maintained a Buy rating and $243 price target on AstraZeneca (AZN) following the FDA’s Oncologic Drugs Advisory Committee voting 6-3 against the recommendation of camizestrant SERENA-6, which suggests the FDA is now unlikely to approve the drug in this setting. Jefferies believes “this should come as no surprise” after the publication of the prior briefing documents, and noted that SERENA-6 is not part of the firm’s Buy thesis, and the trial accounts for “only a small part of the $80B 2030 sales target.” Jefferies concluded that any weakness following this news “presents a buying opportunity.”