Piper Jaffray analyst David Amsellem raised his price target for Horizon Therapeutics (HZNP) to $49 from $36 and reiterates an Overweight rating on the shares.

The stock closed Monday at $36.28.

With Horizon "on the cusp of a seminal milestone" with the eventual approval of teprotumumab for thyroid eye disease, which offers a "relatively high probability of wide adoption," that there is "ample room for significant further value creation," Amsellem tells investors in a research note.

The analyst says he's received favorable feedback on teprotumumab from past key opinion leader checks and a recent physician survey. He believes Horizon shares are well-positioned for multiple expansion.