AstraZeneca PLC (AZN) Announces Approval of Saphnelo by the European Union

​AstraZeneca PLC (NASDAQ:AZN) is one of the Best Non-US Stocks to Buy According to Hedge Funds. On December 16, AstraZeneca PLC (NASDAQ:AZN) announced the approval of its Saphnelo by the European Union for subcutaneous self-administration to treat adults with systemic lupus erythematosus along with the standard therapy.

​Management noted that the approval is based on the positive results from the Phase III TULIP-SC trial and follows a positive opinion from the Committee for Medicinal Products for Human Use. The trial showed that Saphnelo, along with the standard therapy, resulted in a meaningful reduction in disease activity compared to the placebo. This marks an important breakthrough. SLE is an autoimmune condition impacting more than 3.4 million people internationally, and patients in Europe are two to three times greater risk of death compared to the rest of the world.

​That said, Wall Street is also bullish on AstraZeneca PLC (NASDAQ:AZN). Recently, on December 10, Rajesh Kumar from HSBC reiterated a Buy rating on the stock and raised the price target from $95 to $108. Earlier, on December 9, Steve Scala from TD Cowen also reiterated a Buy rating on the stock with a $105 price target.

​Rajesh Kumar of HSBC noted that he remains optimistic on the pharma group, considering that the sector is set to outperform in 2026. On the other hand, Steve Scala from TD Cowen noted the company’s promising new products and strong pipeline as one of the key reasons behind the bullish sentiment.

​AstraZeneca PLC (NASDAQ:AZN) is a biopharmaceutical company that explores, develops, manufactures, and commercializes prescription medicines. It supplies its products and services to specialty and primary care physicians.

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