GSK: UBS raises its target price

(CercleFinance.com) - UBS confirms its Buy recommendation on the share, raising its target price for it to 2040 pence (from 1860 pence), representing 23% upside potential.


Analysts are raising their forecasts for Blenrep to reflect the positive results of the DREAMM-7 and DREAMM-8 studies.

According to the preliminary results of the phase III study, the antibody-conjugate Blenrep combined with PomDex, a standard treatment for the disease, showed a 'statistically significant' and 'clinically relevant' improvement in progression-free survival compared with existing therapies.

For UBS analysts, these findings are likely to breathe new life into the Blenrep franchise, paving the way for a potential return to the US market.

Blenrep was initially granted fast-track status in the US for the treatment of heavily-treated myeloma patients, but had to abandon its marketing plans after a confirmatory study failed, the broker points out.

UBS now sees a 90% probability of commercialization, with annual sales that it believes could reach $200m.


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