JPMorgan has reaffirmed its rating of AstraZeneca as ‘Overweight’ with a target price of 14,000 pence. This decision is based on positive developments in the area of oral formulations, particularly for the drug AZD0780 currently in development.
Background of the Rating
The drug AZD0780 is an orally administered PCSK9 inhibitor intended to lower cholesterol levels. This class of medications inhibits the production of LDL cholesterol, often referred to as bad cholesterol, in the body. Compared to injectable forms, oral medications allow for better patient compliance and higher acceptance.
The positive rating is supported by promising Phase II study results, which indicate significant market potential for AZD0780. JPMorgan sees the drug as having multiple blockbuster potential, which suggests high revenue expectations. A blockbuster drug typically generates over one billion US dollars in annual sales.
Discussions with Cardiologists
Additionally, JPMorgan’s decision was influenced by discussions with cardiologists. These specialists provide valuable insights into the medical significance and potential applications of AZD0780. Their assessments are crucial for evaluating the drug’s role in treating cardiovascular diseases.
Outlook
JPMorgan’s rating of AstraZeneca as ‘Overweight’ reflects positive market expectations. Investors may be motivated to invest in the company in light of the anticipated growth. Advances in oral medications, particularly AZD0780, could further solidify AstraZeneca’s position in pharmaceutical research and the market.