AstraZeneca (AZN) is collaborating with biotech company Alchemab on prostate cancer research. The two companies will work on a proof-of-concept study to develop insights into prostate cancer.
The collaboration will make use of Alchemab’s drug discovery platform to identify disease biomarkers that can help in developing therapeutics based on novel antibodies.
Alchemab CSO, Dr. Jane Osbourn said, “Our collaboration with AstraZeneca is a great opportunity to showcase Alchemab’s novel technology, not only as a drug discovery engine for new therapeutics but also as a potential diagnostic tool.” (See AstraZeneca stock analysis on TipRanks)
Osbourn further added, “By working together to understand each patient’s natural immunity, we anticipate that we will be able to build our understanding of prostate cancer disease biology and potentially deliver novel therapeutic options for patients with critical unmet need.”
According to the NIH (National Institute of Health), prostate cancer is the second most diagnosed cancer in men. The WHO (World Health Organization) reports that prostate cancer accounts for about 7.3% of new cancer cases across the globe each year.
On April 14, UBS analyst Michael Leuchten reiterated a Buy rating on the stock but did not assign any price target.
Leuchten estimates about 21% of AstraZeneca’s revenue is exposed to generic competition but does not see a patent cliff happening. Patent cliff refers to a drastic fall in a drug’s sales once its patent protection expires.
Consensus on the Street is that AstraZeneca is a Moderate Buy based on 7 Buys, 1 Hold, and 1 Sell. The average analyst price target of $66 implies 24.7% upside potential. Shares have gained about 5.9% so far this year.
Related News:
Facebook’s 1Q Results Outperform As Ad Revenue Jumps; Shares Pop 6%
Advanced Micro Devices Posts Better-Than-Expected 1Q Results, 2Q Forecasts Top Estimates
Realty Income Inks Deal To Acquire VEREIT
