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JPMorgan raised its price target on Santen Pharmaceutical Co (OTC:SNPHY)., Ltd (4536:JP) (OTC:SNPHF) to JPY2,600.00 from JPY2,200.00 while maintaining an Overweight rating on the stock.
The price target increase follows Santen’s fourth-quarter fiscal 2024 results and the company’s new medium-term plan for fiscal years 2025-2029, according to JPMorgan.
The pharmaceutical company’s new medium-term plan targets fiscal 2029 sales of JPY400 billion and core operating profit of JPY80 billion, goals that JPMorgan notes many investors consider ambitious.
JPMorgan identified fiscal 2025 progress in Ryjusea, Santen’s treatment for slowing myopia progression, as a key milestone for the medium-term plan’s success. The firm expects investor expectations for this drug to grow if sales exceed the fiscal 2025 guidance of JPY1.6 billion.
The research firm also pointed to Santen’s share buyback program of up to JPY35 billion, running from May 22 to November 5, as a factor likely to support the stock price in the near term.
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