Otsuka upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded Otsuka to Buy from Neutral with a price target of 8,000 yen, up from 6,100 yen. The firm raised longer-term earnings estimates for Otsuka to reflect higher-than-expected contributions from anti-APRIL antibody VIS649, or sibeprenlimab, which is being developed as an IgA nephropathy treatment, the analyst tells investors, adding that the firm looks for VIS649 to “become a blockbuster treatment.”