UPDATE: JPMorgan Upgrades Theravance Biopharma (TBPH) to Neutral

JPMorgan analyst Anupam Rama upgraded Theravance Biopharma (NASDAQ: TBPH) from Underweight to Neutral with a price target of $12.00 (from $7.00).

The analyst comments "Theravance is focused on developing organ-selective therapies for multiple indications. The company currently generates revenues from Yupelri (partner Viatris) and has an economic interest in Trelegy Ellipta (partner GSK), both of which are indicated for the treatment of COPD (Trelegy Ellipta is also labelled for asthma). After a difficult 12+ months on the clinical side, as the dust has settles, we see core fundamental business (Yupelri / Trelegy) and expense control as having fundamental value (as implied by our price target). That said, there is general negative sentiment on TBPH shares (given prior aforementioned clinical setback) and the company will potentially have to execute on business development / strategic side to unlock further value. Our Neutral rating balances fundamental value with negative sentiment / execution needs."

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

Shares of Theravance Biopharma closed at $8.50 yesterday.

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