AstraZeneca (AZN) Stock Target Raised as Goldman Sachs Sees $3.7 Billion Drug Potential

AstraZeneca PLC (NASDAQ:AZN) ranks among the most undervalued NASDAQ stocks to buy now. Goldman Sachs maintained its Conviction Buy rating on AstraZeneca PLC (NASDAQ:AZN) and boosted its price target from GBP148.83 to GBP150.13 on September 16. The adjustment comes while AstraZeneca PLC (NASDAQ:AZN)  awaits the results of a Phase 3 trial for efzimfotase alfa, an enzyme replacement treatment for hypophosphatasia (HPP).

Goldman Sachs anticipates these findings soon, pointing out that the HICKORY and CHESTNUT trials were primarily completed on July 9 and July 23, respectively.

Efzimfotase alfa’s economic potential is “underappreciated by the market,” according to the firm, which projects unrisked peak sales of $3.7 billion. Although this estimate falls within the lower end of management’s forecast range of $3–5 billion, it is 85% higher than the consensus estimates of $2 billion.

AstraZeneca PLC (NASDAQ:AZN) is a prominent player in the pharmaceutical sector, especially for its work on rare disease and cancer treatments. The company has a strong reputation in the healthcare industry thanks to its history of medical advancements.

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Disclosure: None. This article is originally published at Insider Monkey.