PharMar shares (PHM.ES) recorded a strong impulse of more than 30% thanks to promising clinical trials of Zepzelka, a lung cancer drug. The strong results boosted the future prospects for the Spanish pharmaceutical company, which saw several research firms raise their target price for the stock.
Preliminary results from a Phase III trial of Pharma Mar’s new lung cancer drug Zepzelka. demonstrated significant improvements in disease slowing and patient survival. These strong results brought with them strong support in the stock market, since for a company the size of Pharma Mar, such achievements could lead to a significant increase in revenue if the trial finally turns into a commercial drug. In this scenario Pharma Mar plans to apply for registration in Europe in 2025and its partner Jazz Pharmaceuticals will do the same in the US.
The news prompted research firms such as RX Securities and Bankinter to raise their forecasts for Pharma Mar shares. In particular, RX Securities increased its target price for the pharmaceutical company’s shares by 23%, setting it at 80 euros per share. Bankinter, for its part, also updated its estimate, increasing the price from 56 to 80 euros per share and highlighting the growth potential of the drug. Despite this, the highest price target for Phama Mar shares was given by JB Capital, which, according to Bloomberg, raised it to 102 euros per share, compared to the previously set 57 euros.
According to Bloomberg analysts, nevertheless, Pharma Mar stock would be overvalued now. The analyst company’s experts set the average price of the pharmaceutical company’s securities at 58.95 euros, which is far from the high prices set by other analyst companies.
Against all odds, Pharma Mar shares have soared 62% this year.
Source: XTB Platform.
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