HZNP - Horizon Therapeutics initiated Buy at UBS ahead of key readout

UBS has launched its coverage on Horizon Therapeutics (NASDAQ:HZNP) with a Buy recommendation and as the firm’s top pick. Noting a clinical readout next year, the firm argues that the rare-disease-focused biotech is best positioned to accelerate growth through appealing business development. The analysts led by Ashwani Verma project multiple catalysts for Horizon’s (HZNP) leading revenue generator Tepezza that would allow it to exceed expatiations ahead of a key data readout in 1H 2023. The company is advancing Tepezza in a Phase 4 randomized placebo-controlled trial for chronic thyroid eye disease with topline data anticipated in the first half of next year. Noting that Horizon’s (HZNP) pipeline remains underappreciated, the analysts project a $24 per share upside from the Phase 4 trial. “Street likely focused on 1H23 catalyst, but underestimating near-term beat/raise,” the analysts added with a $139 per share target on the stock. UBS thinks the company could deliver strong

For further details see:

Horizon Therapeutics initiated Buy at UBS ahead of key readout