Shore Capital has reiterated its ‘buy’ stance on pharma giant AstraZeneca following data on its late-stage breast cancer drugs presented at a San Antonio conference.
AstraZeneca’s projects have “the potential to reshape treatment outcomes” and “redefine the standard of care within breast cancer,” said the broker.
Shore reiterated a price target of £127 by the end of 2023, up from almost £114 currently.
AstraZeneca presented evidence that for breast cancer patients unable to take Herceptin, its Enhertu drug reduces the risk of death by 36% more than rival Kadcyla.
While Enhertu’s progress this year has been staggering, according to Shore Cap, the broker also highlighted three more drugs trialled and showcased by AstraZeneca with more data on these expected next year.
Last month, AstraZeneca increased its annual guidance, with core earnings per share expected to increase by the high-twenties to low-thirties percent, having previously been predicted in the mid-to-high twenties range.