BMO Capital analyst Gary Nachman upgraded Horizon Pharma to Outperform and raised his price target to $36 from $29 after its "strong" Q2 results driven by Krystexxa. The analyst also notes that the recent feedback from several rheumatologists has increased his confidence that Krystexxa will be a larger source of upside in the future, adding that he still sees the first half of 2020 launch of Teprotumumab as "very good". Nachman contends that Horizon's execution evolving the business has been "impressive" and the stock warrants a premium valuation.