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Investing.com - JPMorgan has upgraded Sumitomo Pharma (TYO:4506) (OTC:DNPUF) from Neutral to Overweight and significantly raised its price target to JPY1,600.00 from JPY600.00.
The upgrade is based on improved outlook for three key products—Orgovyx, Gemtesa, and Myfembree—as well as promising pipeline developments. JPMorgan also shifted its time horizon to end-2026 from end-2025 in its valuation model.
The investment bank identified several potential share price catalysts, including near-term profit growth driven by Orgovyx sales and longer-term development progress on pipeline products enzomemib and nuvisertib.
JPMorgan noted that despite recent share price appreciation over the past few months, consensus forecasts may not fully account for the potential of the three key products, suggesting room for further upward revisions following first-quarter results.
The firm also highlighted potential partnerships as an important catalyst, noting that Sumitomo Pharma is targeting partnership agreements for enzomemib and nuvisertib during fiscal year 2025.
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