Allergen (AGN) Price Target Raised to $346 at Deutsche Bank

Deutsche Bank maintained a Buy rating on Allergen (NYSE: AGN) and raised its price target to $346.00 (from $343.00). Earlier Allergen announce a deal to acquire Kythera Biophrarma (NASDAQ: KYTH). Analyst Gregg Gilbert noted that the company's Kybella fits very well with AGN’s existing aesthetics franchise.

"AGN announced that it will acquire Kythera (KYTH; no rating) for $75/share (~$2.1bn) to gain access to Kybella, a recently-approved product for the treatment of submental fullness (fat under the chin). We like the deal from a strategic perspective, as Kybella fits very well with AGN’s existing aesthetics franchise, which includes Botox, Juvederm, and breast implants. Financially, some may view the price tag as high, but the high sales potential and durability of this injectable treatment justify a premium price, in our view. We are layering in preliminary estimates for Kybella, which takes our DCF-based PT to $346 (from $343)," said Gilbert.

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

Shares of Allergen closed at $298.02 yesterday.

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• Comerica (CMA) PT Raised to $54 at Piper Sandler
• Banner Corporation (BANR) PT Lowered to $51 at Piper Sandler