Belgian pharmaceutical company UCB's recent deals bolster a drug pipeline that already had potential to unlock additional growth opportunities over the next two years, Berenberg analysts say in a research note. UCB's current share price seems only to reflect its approved medicines, with those in the pipeline coming "for free," the analysts say. "This is unwarranted, in our view, given the historical returns track record and breadth of pipeline," they add. UCB recently acquired Candid Therapeutics, Neurona Therapeutics and Antengene. All three are good strategic fits that boost the company's immunology and neuroscience portfolios with new assets that will enter phase 2 and 3 studies later this year, according to Berenberg. Berenberg lifts its target price on UCB to 305 euros from 209 euros. Shares rise 1.7% to 262.20 euros. (adria.calatayud@wsj.com)