Horizon Therapeutics (HZNP) Survey Implies CAGR >20% - Piper Sandler
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Piper Sandler analyst David Amsellem reiterated an Overweight rating and $125.00 price target on Horizon Therapeutics (NASDAQ: HZNP) after the company conducted a survey of 20 physicians who manage a significant number of patients with thyroid eye disease (TED) and who are experienced with Horizon’s Tepezza.
The analyst stated "The feedback, on the whole, dovetails with HZNP commentary pointing to significant progress in working through the patient backlog that developed amid the 1Q21 supply shortage. The feedback also supports our view that Tepezza’s footprint in both the active TED and chronic/fibrotic TED settings will continue to grow considerably. With Tepezza emerging as a multi-billion dollar franchise, along with Krystexxa, and to a lesser extent Uplizna, proving to be significant growth drivers in their own right, further multiple expansion is justified in the context of a EV/2022E EBITDA of ~15x and a long-term EBITDA CAGR that could easily exceed 20%."
Shares of Horizon Therapeutics closed at $93.36 yesterday.
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