Horizon Therapeutics (HZNP) is not Immune From COVID Pressure, Stifel Cuts Estimates After Polling Experts

Stifel analyst Annabel Samimy reiterated a Buy rating and $45.00 price target on Horizon Therapeutics (NASDAQ: HZNP) but cutting estimates noting that there has been an above-average impact on therapeutics that require visits to infusion centers. This led the analyst to poll 4 rheumatologists and 6 oculoplastic surgeons to provide qualitative assessments of their experience with Krystexxa and Tepezza.

The analyst stated "Not surprising, Krystexxa treatment volumes have declined—with most physicians seeing patients delay treatment and no physicians seeking new starts. Interestingly, Tepezza impact was lower—with physicians initiating treatment in more patients than we expected and most continuing treatment through COVID, with initiations generally reserved for severe TED cases until quarantine is lifted. Both physicians groups noted a building patient backlog (more Tepezza than Krystexxa), indicating the impact on HZNP will be more a question of timing rather than lost sales. Nonetheless, we take a 2020 cut to account for COVID, with Tepezza at the lower end of guidance".

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

Shares of Horizon Therapeutics closed at $30.76 yesterday.

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