- Citigroup (NYSE: C) has increased its price target for AstraZeneca (NYSE: AZN), maintaining a Buy rating, following promising clinical trial developments.
- The revised target reflects significantly higher peak annual sales forecasts for key drugs like tozorakimab and SERENA-6, outweighing a reduction for SERENA-4.
- Despite positive Phase 3 results across several treatments, AstraZeneca shares have seen a 15% year-to-date decline, with investor focus now shifting to the upcoming AVANZAR trial.
The leading biopharmaceutical firm, AstraZeneca (NYSE: AZN), a drugmaker that develops treatments for cancer and other diseases, recently saw its investment outlook updated. On October 6, 2026, Citigroup (NYSE: C) maintained its Buy rating while the shares traded at 158.41. Citi raised its price target to 18,600 GBp (£186.00) from 17,800 GBp (£178.00).
This higher target follows recent biotech advancements, as highlighted by Proactive Investors. Citi increased its peak annual sales forecast for tozorakimab to $7.00 billion and for SERENA-6 to $1.10 billion. Those increases more than offset its decision to remove a $1.70 billion sales forecast for SERENA-4.
Citi says the forecast changes add 4% to 5% to its discounted cash flow valuation, which estimates what future cash generated by the business is worth today. AstraZeneca shares are down 15% year to date despite positive Phase 3 results across several treatments.
Investors are now watching the AVANZAR trial. Citi says it wants to see a hazard ratio of 0.75 to 0.80 or better for progression-free or overall survival. That measure compares how quickly patients in two groups experience disease progression or death; a figure below 1 indicates a lower risk in the treatment group.
