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Prices & Quotes - UK Markets - Hikma Pharmaceuticals (HIK)

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Share Price:
Down 2,510.00p
Change Today:
-29.00p
Market Cap:
5,785m
Sector:
Pharmaceuticals & Biotechnology

Barclays upgrades Hikma after US court ruling

By Sean Farrell

Date: Friday 04 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Barclays upgraded Hikma Pharmaceuticals to 'overweight' and increased its price target on the company's shares after a US court ruled in favour of the generic drugmaker's treatment for heart conditions.
On Thursday the US court of appeals for the federal circuit upheld a district court ruling against Amarin's objections to Hikman's generic version of its Vascepa drug. The court ruled Hikma's version did not infringe any of Amarin's six main patents for the fish-oil based treatment.

Barclays analysts said they had been wary about reacting to Hikma's "impressive" first-half results because of uncertainty over the court case and the Federal Drugs Administration's view of Hikma's generic version of Advair.

Barclays said the ruling gave it a high degree of confidence and allowed it to add Vascapa to its model earlier than expected. The bank upgraded its rating on Hikma shares from 'equal weight' and increased its price target to 28 from 23.50.

"We expect this product to be significantly accretive to both 2020 and 2021 and see the potential for the product to have a longer tail given the relatively few number of gx [generic] filers," Barclays analysts said. "Given this higher degree of confidence in the earnings upside for Hikma combined with a reasonable current valuation we upgrade to overweight and increase our price target."

Hikma shares rose 2.7% to 24.77 at 12:17 BST.

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HIK Market Data

Currency UK Pounds
Price 2,510.00p
Change Today -29.00p
52 Week High 2,695.00p
52 Week Low 1,701.50p
Volume 391,662
Shares Issued 230.50m
Market Cap 5,785m

Performance Indicators

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What The Brokers Say

Strong Buy 8
Buy 1
Neutral 2
Sell 2
Strong Sell 0
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

HIK Dividends

  Latest Previous
  Interim Final
Ex-Div 20-Aug-20 19-Mar-20
Paid 21-Sep-20 07-May-20
Amount 16.00¢ 30.00¢

Trades for 30-Oct-2020

Time Volume / Share Price
16:35 205,782 @ 2,510.00p
16:29 26 @ 2,523.00p
16:29 8 @ 2,522.00p
16:29 35 @ 2,522.00p
16:29 1 @ 2,520.00p

HIK Key Personnel

CEO Sigurdur Olafsson