Jefferies Lifts AstraZeneca Target to 18,000p on Cancer Trial Optimism

Edgen Stock

·Mar 06 2026, 12:30

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Key Takeaways

Jefferies has significantly increased its price target for AstraZeneca, citing a revised, positive outlook on a key lung cancer clinical trial. Analysts now interpret repeated delays in the AVANZAR trial as a signal of the treatment's effectiveness, prompting the upgrade and a reiterated 'buy' recommendation.

Jefferies raised its price target on AstraZeneca by 20% from 15,000p to a new high of 18,000p.
The upgrade is driven by renewed confidence in the Phase III AVANZAR trial for the cancer drug Datroway in non-small cell lung cancer patients.
Analysts believe trial delays indicate strong performance in the treatment arm, reversing their previous cautious stance.

Jefferies Boosts Price Target 20% to 18,000p

Brokerage firm Jefferies raised its price target for AstraZeneca PLC (LSE:AZN) by 20% on March 6, 2026, lifting its valuation from 15,000p to 18,000p. The firm reiterated its 'buy' recommendation, stating that the pharmaceutical giant is better positioned for long-term growth than the market currently recognizes. The substantial upgrade reflects a significant shift in the analyst's assessment of AstraZeneca's oncology pipeline.

AVANZAR Trial Delays Reinterpreted as Bullish Signal

The core driver for the upgrade is a complete reversal of Jefferies' view on the AVANZAR clinical trial. Previously cautious, analysts now see the trial's repeated delays as a positive indicator. The Phase III study tests the effectiveness of AstraZeneca's cancer drug Datroway (datopotamab deruxtecan) combined with its immunotherapy Imfinzi and chemotherapy. The target population is patients with advanced non-small cell lung cancer (NSCLC). Jefferies' new thesis suggests the delays are likely due to strong results in the treatment arm, which would necessitate longer observation periods and signals a highly effective drug candidate.