Morgan Stanley Increases Horizon Therapeutics (NASDAQ:HZNP) Price Target to $70.00

Horizon Therapeutics (NASDAQ:HZNP) had its price objective boosted by research analysts at Morgan Stanley from $50.00 to $70.00 in a note issued to investors on Friday, The Fly reports. The firm currently has an “overweight” rating on the biopharmaceutical company’s stock. Morgan Stanley’s price objective points to a potential upside of 14.40% from the stock’s current price.

Other analysts have also issued research reports about the stock. Piper Sandler boosted their price objective on shares of Horizon Therapeutics from $61.00 to $90.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 22nd. Stifel Nicolaus increased their price objective on shares of Horizon Therapeutics from $50.00 to $60.00 in a research note on Friday, May 29th. Guggenheim raised their price objective on Horizon Therapeutics from $50.00 to $64.00 in a report on Thursday, July 16th. Jefferies Financial Group upped their target price on Horizon Therapeutics from $47.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Finally, Bank of America raised their price target on Horizon Therapeutics from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $51.62.

HZNP stock opened at $61.19 on Friday. The stock has a 50-day moving average price of $54.99 and a two-hundred day moving average price of $41.37. Horizon Therapeutics has a 1 year low of $22.84 and a 1 year high of $63.72. The stock has a market cap of $11.67 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 1.95 and a beta of 1.23. The company has a current ratio of 2.39, a quick ratio of 2.27 and a debt-to-equity ratio of 0.62.

Horizon Therapeutics (NASDAQ:HZNP) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.19. The business had revenue of $355.90 million during the quarter, compared to the consensus estimate of $287.88 million. Horizon Therapeutics had a return on equity of 22.52% and a net margin of 43.06%. Horizon Therapeutics’s quarterly revenue was up 26.9% on a year-over-year basis. During the same period last year, the company earned $0.30 earnings per share. On average, analysts forecast that Horizon Therapeutics will post 1.73 earnings per share for the current fiscal year.

In other Horizon Therapeutics news, SVP Miles W. Mchugh sold 5,007 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $37.00, for a total value of $185,259.00. Following the transaction, the senior vice president now directly owns 132,640 shares of the company’s stock, valued at approximately $4,907,680. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Vikram Karnani sold 2,369 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $50.23, for a total transaction of $118,994.87. The disclosure for this sale can be found here. In the last 90 days, insiders sold 394,627 shares of company stock worth $17,399,789. 4.30% of the stock is owned by company insiders.

Several institutional investors have recently made changes to their positions in HZNP. Norges Bank bought a new position in Horizon Therapeutics during the fourth quarter worth about $75,955,000. Viking Global Investors LP acquired a new position in shares of Horizon Therapeutics during the 1st quarter worth approximately $58,981,000. Congress Asset Management Co. MA grew its position in shares of Horizon Therapeutics by 723.0% during the 2nd quarter. Congress Asset Management Co. MA now owns 1,955,384 shares of the biopharmaceutical company’s stock worth $108,680,000 after purchasing an additional 1,717,803 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in shares of Horizon Therapeutics during the second quarter worth approximately $67,938,000. Finally, Janus Henderson Group PLC raised its position in shares of Horizon Therapeutics by 13.7% in the first quarter. Janus Henderson Group PLC now owns 6,682,922 shares of the biopharmaceutical company’s stock valued at $197,948,000 after buying an additional 807,303 shares in the last quarter. 90.26% of the stock is owned by institutional investors.

About Horizon Therapeutics

Horizon Therapeutics Public Limited Company, a biopharmaceutical company, focuses on researching, developing, and commercializing medicines that address unmet treatment needs for rare and rheumatic diseases in the United States and internationally. Its orphan and rheumatology marketed medicines include KRYSTEXXA, a medicine for the treatment of uncontrolled gout; RAVICTI for use as a nitrogen-binding agent for chronic management of adult and pediatric patients; PROCYSBI for nephropathic cystinosis, a rare and life-threatening metabolic disorder; ACTIMMUNE for chronic granulomatous disease; RAYOS for the treatment of multiple conditions, rheumatoid arthritis; BUPHENYL tablets for oral administration and BUPHENYL powder for oral, nasogastric, or gastrostomy tube administration; and QUINSAIR, a formulation of the antibiotic drug levofloxacin for the management of chronic pulmonary infections due to Pseudomonas aeruginosa in adult patients with cystic fibrosis.

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