This biotech stock soared 20% last week — and analysts are giving it another 36% upside
U.S. biotech firm Horizon Therapeutics was among the top global performers last week, with its stock soaring nearly 21% for the week. The company, which produces treatments for people with autoimmune and severe inflammatory diseases, reported earnings last week. It raised its full-year 2022 net sales guidance to a range of between $3.59 billion and $3.61 billion. Its previous range was $3.53 billion to $3.6 billion. Analysts covering the stock are positive on its future performance, with nearly 87% giving it a “buy” rating and price target upside of 36%, according to FactSet. The stock was trading around $77 as of Friday’s close. Horizon Therapeutics also raised its guidance for 2022 earnings before interest, taxes, depreciation and amortization — to between $1.32 billion and $1.34 billion, down from the previous range of $1.268 billion to $1.318 billion. The stock bucked the trend of a decline in global stocks last week, with the MSCI World Index dipping around 2% for the week. Still, seven global stocks, including Horizon, soared more than 20%. These are the seven stocks under the MSCI World Index. Abiomed has the largest gain of 44.9% thanks to news earlier last week that it’s set to be bought by Johnson & Johnson in a $16.6 billion deal . J & J agreed to pay $380 per Abiomed share, a 50.7% premium over Monday’s closing price of $252.08. In addition, shareholders of Abiomed shareholders have the right to receive up to $35 per share in cash if certain clinical and commercial milestones are achieved. British online grocery tech business Ocado was the next top gainer, jumping nearly 35%. Its shares surged after it entered into a deal with South Korea’s Lotte Shopping . Analysts covering the stock gave it an upside of 50%. Tech investment firm Prosus jumped 21%. The Amsterdam-listed firm and its South African parent Naspers were reportedly in talks to sell their large stake in Chinese tech giant Tencent, but they denied it last week. — CNBC’s Michelle Fox contributed to this report.
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