Shares of Horizon Pharma PLC HZNP 10.11% are spiking 12.8 percent on Friday following some positive news and a Wall Street upgrade.

On Friday morning, Horizon announced a deal with Express Scripts Holding Company ESRX 1.07% that will remove Horizon drugs DUEXIS and VIMOVO from Express’ exclusion list. The deal will go into effect on January 1.

In addition to the new deal, Mizuho upgraded Horizon on Friday to Buy and upped its price target to $25. The fresh target implies more than 50 percent upside remaining for Horizon shares.

Despite Friday’s big jump, Horizon’s stock remains down 21.6 percent in 2016 in an extremely weak biotech market. Horizon’s 2016 selloff has been mostly in-line with the iShares NASDAQ Biotechnology Index (ETF) IBB 0.18%’s 19.0 percent 2016 decline.

Like most of the biotech sector, Horizon shares delivered a huge post-election rally following Donald Trump’s victory. However, after an initial post-election gain of nearly 25 percent, Horizon’s stock plummeted…

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