Liberum hikes target price for AstraZeneca on Daiichi Sankyo collaboration prospects

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AstraZeneca PLC (LON:AZN) got a target price hike to 9,770p from 9,030p by Liberum based on the prospects for the cancer drug DS-1062.

The candidate is developed as part of a US$6bn collaboration with Japanese giant Daiichi Sankyo.

READ: AstraZeneca coronavirus vaccine to face deeper scrutiny by US regulator

Analysts believe it will become a blockbuster drug and estimated risk-adjusted peak sales of US$2.6bn.

“This adds to an already strong oncology franchise, and we note accelerating momentum for new launches Enhertu and Calquence,” the broker noted.

“The franchise will underpin double-digit earnings growth as it climbs to 60% of sales by 2030, up from 40% today.”

Shares were trading at 8,279p on Thursday in the late morning.

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