(Updated to include analyst commentary)
Truist Securities raised Jazz Pharmaceuticals price target to $230 from $220 following the company's decision to acquire Chimerix in an all-cash deal worth $935 million, or $8.55 per share.
In a March 5 report, the brokerage wrote that it sees the acquisition as "exciting" and noted that dordaviprone could be accretive near term. The drug received priority review in August for a rare form of high-grade glioma (H3 K27M+), "with a potential approval on the horizon."
With the acquisition, Jazz will also gain access to ONC206, a next-generation, more potent compound targeting ClpP/DRD2. In addition, the brokerage mentioned that the company may be eligible for Rare Pediatric Disease Priority Review Voucher, upon approval of dordaviprone, which can be monetized.
Jazz Pharmaceuticals (JAZZ) has an average rating of buy and mean price target of $190.69, according to analysts polled by FactSet.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 136.77, Change: -3.46, Percent Change: -2.47
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