This article was originally published on TipRanks.com
AstraZeneca Plc. (GB: AZN) announced that the U.S. government has ordered an additional 500,000 doses of its COVID-19 preventive therapy Evusheld (tixagevimab co-packaged with cilgavimab).
COVID-19 Preventive Therapy
Evusheld is the only antibody therapy authorised in the US to prevent COVID-19 symptoms before virus exposure. Evusheld is also authorised for emergency use for prevention of COVID-19 in several other countries.
The new purchase is in addition to the 700,000 doses of Evusheld ordered earlier. The company said that the additional 500,000 doses are scheduled for delivery in the first quarter of 2022.
In December 2021, the U.S. Food and Drug Administration (FDA) approved the Emergency Use Authorization (EUA) of Evusheld for the prevention of COVID-19 in individuals 12 years and older, who have a weak immune system or for those who have a history of a severe reaction from COVID-19 vaccines.
Iskra Reic, Executive VP, Vaccines and Immune Therapies, AstraZeneca, said, “Today’s agreement will bring protection to some of the most vulnerable people in the US, including the immunocompromised, who may receive limited or no protection from vaccines and currently have few options in the face of the rapid rise in COVID-19 cases seen in recent weeks.”
Reic added, “Evusheld isthe only antibody therapy to receive emergency use authorization in the US for pre-exposure prophylaxis and one of only two authorized antibody therapies to show neutralizing activity against Omicron and all other variants.”
Wall Street’s View
Recently, J.P. Morgan analyst James Gordon reiterated a Buy rating on the stock with a price target of 10,000p, which implies 17.7% upside potential to current levels.
Overall, the stock has a Strong Buy consensus rating based on 10 Buys, 1 Hold, and 1 Sell. The average AstraZeneca price target of 9,750p implies 14.9% upside potential to current levels. Shares have gained 15.3% over the past year.
TipRanks’ Insider Trading Activity shows that Insider Signal is currently Positive on AstraZeneca. In the last quarter, corporate insiders have bought £79,700 of AZN shares.
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