Filed under: Analyst upgrades and downgrades, Good news, Options, Technical Analysis
AstraZeneca plc (NYSE: AZN) shares are rising today an analyst raised his rating of the stock to “Buy” from “Neutral,” noting that other European pharmaceutical stocks, particularly GlaxoSmithKline (NYSE: GSK), have done better for no particular reason. He expects AZN to catch up with its competitors over the next three months, and added that large pharmaceutical companies should do well despite the ongoing economic turbulence. Investors seem to be unfazed by reports that the European Union collected confidential information about intellectual property rights and patent disputes from AZN and other drug companies in an inquiry over the potential blockage of generic drugs from entering the market. If you think that the company won’t fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on AZN.
After hitting a one-year high of $59.47 in April, the stock hit a one-year low of $41.59 earlier this month. AZN opened this morning at $45.46. So far today the stock has hit a low of $45.22 and a high of $45.87. As of 10:45, AZN is trading at $43.37, up $1.27 (2.9%). The chart for AZN looks bearish but improving while S&P gives the stock a positive 4 STARS (out of 5) buy rating.
Continue reading Astrazeneca (AZN) rises on upgrade despite EU raid
Permalink | Email this | Comments
Entries (RSS)