Main Street Research LLC Sells 180,573 Shares of Astrazeneca Plc $AZN

Main Street Research LLC reduced its stake in shares of Astrazeneca Plc (NYSE:AZN) by 48.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190,644 shares of the company’s stock after selling 180,573 shares during the quarter. Astrazeneca accounts for approximately 2.2% of Main Street Research LLC’s holdings, making the stock its 24th biggest position. Main Street Research LLC’s holdings in Astrazeneca were worth $37,599,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of AZN. MV Capital Management Inc. acquired a new position in shares of Astrazeneca during the fourth quarter valued at about $26,000. Reflection Asset Management acquired a new stake in Astrazeneca during the fourth quarter worth about $31,000. Raleigh Capital Management Inc. bought a new position in Astrazeneca during the first quarter valued at about $38,000. Lloyd Advisory Services LLC. bought a new position in Astrazeneca during the fourth quarter valued at about $35,000. Finally, Basepoint Wealth LLC acquired a new position in Astrazeneca in the 4th quarter valued at approximately $44,000. 20.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on AZN shares. Jefferies Financial Group reiterated a “buy” rating on shares of Astrazeneca in a research report on Friday, June 26th. TD Cowen restated a “buy” rating on shares of Astrazeneca in a research note on Wednesday, March 18th. Weiss Ratings lowered Astrazeneca from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, June 18th. DZ Bank raised Astrazeneca from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 29th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Astrazeneca in a research note on Wednesday, April 8th. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $211.00.

Astrazeneca News Roundup

Here are the key news stories impacting Astrazeneca this week:

• Negative Sentiment: AstraZeneca and partner Ionis said Wainua failed to meet its main goal in a late-stage trial for a rare heart condition, a disappointing result that raised concerns about the drug’s commercial potential and the strength of the company’s pipeline. Reuters article
• Negative Sentiment: Several reports said the trial miss sparked a sharp selloff in AZN shares, with investors reacting not just to the direct revenue impact but also to the hit to management credibility and confidence in late-stage development execution. Proactive Investors article
• Negative Sentiment: Market coverage highlighted that AstraZeneca’s shares were among the biggest laggards in the FTSE 100 and that the stock’s decline was tied to the surprise of missing the primary endpoint in a closely watched heart-disease study. CNBC article
• Neutral Sentiment: AstraZeneca also received a Buy rating from Bernstein, which may help offset some sentiment damage, but the upgrade was overwhelmed by the trial disappointment. Bernstein note
• Neutral Sentiment: Separately, AstraZeneca recently advanced a respiratory-drug licensing deal with Sino Biopharm, showing continued pipeline activity, but this news was not enough to offset today’s pressure from Wainua. WSJ article

Astrazeneca Stock Down 5.7%

NYSE AZN opened at $178.46 on Friday. Astrazeneca Plc has a 1-year low of $137.23 and a 1-year high of $212.71. The company has a market capitalization of $276.77 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 1.53 and a beta of 0.24. The stock’s 50 day moving average is $183.99 and its two-hundred day moving average is $188.61. The company has a current ratio of 0.91, a quick ratio of 0.71 and a debt-to-equity ratio of 0.52.

Astrazeneca (NYSE:AZN) last issued its earnings results on Wednesday, April 29th. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.52 by $0.06. The business had revenue of $15.29 billion during the quarter, compared to analysts’ expectations of $14.93 billion. Astrazeneca had a return on equity of 30.86% and a net margin of 17.19%. Equities analysts forecast that Astrazeneca Plc will post 10.28 earnings per share for the current fiscal year.

About Astrazeneca

AstraZeneca plc is a global biopharmaceutical company headquartered in Cambridge, England. Formed through the 1999 merger of Sweden’s Astra AB and the UK’s Zeneca Group, the company researches, develops, manufactures and commercializes prescription medicines across a range of therapeutic areas. AstraZeneca positions itself as R&D-driven, investing in discovery science, clinical development and regulatory processes to bring new therapies to market.

The company’s commercial portfolio and late-stage pipeline emphasize oncology, cardiovascular, renal and metabolic (CVRM) diseases, and respiratory and immunology.