Fusion Pharmaceuticals upgraded at Raymond James amid radiopharma M&A

As previously reported, Raymond James upgraded Fusion Pharmaceuticals (FUSN) to Strong Buy from Outperform with a price target of $15, up from $12, arguing that a recent series of high-profile acquisitions in the radiopharma space – including Bristol Myers’ (BMY) $4.1B acquisition of RayzeBio (RYZB) and Eli Lilly’s (LLY) $1.4B acquisition of Point Biopharma (PNT) – highlight the value of radiopharma platforms. Given that many pharma companies “missed the ADC boat over the last 5 years,” they are beginning to see that being competitive in targeted oncology will require radiopharma programs in their portfolio, says the analyst, who anticipates investor sentiment will “follow Pharma’s already-evident enthusiasm for radiopharmaceuticals.” Adding that Fusion is among the most mature biotech companies dedicated solely to the development of therapeutic radiopharmaceuticals, the firm expects current enthusiasm for radiopharma platforms to drive the company’s market value “well past the +$1 bln mark.”