UCB UCB's exceptional semester rally (post 1H24 model update)
Over the past few months, UCB's share price has shown an exceptional rally as investor sentiment on Bimzelx turned positive again on the back of strong early launch metrics. From its 52-week low of € 65.40 in November 2023, the share price is now up 135%, and includes a 95% YTD run. While UCB still holds several pipeline catalysts for further upside potential (incl. some earlier-stage moonshot programs) into the rest of the year, we believe the company has now reached a fair valuation. We slightly adjust our TP from € 159 to € 161 to reflect updated FY24 estimates, and move from Accumulate to Hold.UCB is a global biopharmaceutical company focused on severe diseases in two therapeutic areas, namely central nervous system disorders and immunology. In the area of central nervous system disorders, Co. is focused on advanced Parkinson's disease, epilepsy, restless legs syndrome and epilepsy. In the area of immunology disorders, Co. is focused on rheumatoid arthritis, axial spondyloarthritis, psoriatic arthritis, systemic lupus erythematosus, juvenile idiopathic arthritis, post-menopausal osteoporosis, systemic lupus erythematosus and immunological diseases.
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