AstraZeneca (AZN) AZD-9291 Data Highlights Blockbuster Potential

September 30, 2013 10:08 AM EDT
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Leerink Swann maintained a Market Perform rating on AstraZeneca (NYSE: AZN) with a modified price target of $51.00 (from $50.00). Analyst Seamus Fernandez believes impressive AZD-9291 data highlights blockbuster potential despite

"Impressive data for AZD-9291 in T790m + lung cancer patients presented at ESMO 2013 coupled with bullish commentary from the discussant and a MEDACorp KOL imply blockbuster potential for this class of agents (AZD-9291, CO1686)," said Fernandez. [Note: CO1686 in development by Clovis Oncology (NASDAQ: CLVS)]

"Given 7/12 partial responses in T790m + patients, excellent overall tolerability, and the high frequency (50-60%) of acquired EGFR-TKI (Roche's Tarceva, AZN's Iressa), we are adding $500M into our model for AZD-9291 despite potential competition from CO1686 given AZD-9291's excellent overall tolerability, what we expect will be rapid advancement into registrational Ph III trials, and an overall market front line and TKI-refractory market that could exceed $3B globally. We are growing increasingly intrigued by AZN's growing pool of assets in oncology & respiratory disease." added the analyst.

For an analyst ratings summary and ratings history on AstraZeneca click here. For more ratings news on AstraZeneca click here.

Shares of AstraZeneca closed at $51.77 yesterday.

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