BofA raised the firm’s price target on Teva (TEVA) to $38 from $37 and keeps a Buy rating on the shares after the company and partner Sanofi (SNY) announced Phase 2 maintenance data from the RELIEVE UCCD long-term extension study of duvakitug in inflammatory bowel diseases. Based on yesterday’s update, the firm edged up its multiple, reflecting $1B in higher duvakitug peak sales, now seen at a $3B peak.
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Read More on TEVA:
- Teva Buy Rating Reinforced by Strong TL1a Phase 2 Data and $3 Billion Duvakitug Peak Sales Outlook
- Teva and Sanofi’s duvakitug Phase 2b data shows efficacy in colitis and Crohn’s
- Teva price target raised to $45 from $36 at Goldman Sachs
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- Teva price target raised to $38 from $35 at Barclays