Astrazeneca (NYSE:AZN) Shares Gap Down – Here’s What Happened

Astrazeneca Plc (NYSE:AZN) shares gapped down before the market opened on Thursday . The stock had previously closed at $189.28, but opened at $173.45. Astrazeneca shares last traded at $175.2950, with a volume of 1,288,131 shares trading hands.

Astrazeneca News Summary

Here are the key news stories impacting Astrazeneca this week:

• Negative Sentiment: Wainua’s Phase 3 failure removes a potential growth driver and raises concerns about AstraZeneca’s ability to expand successfully beyond oncology. Reuters: AstraZeneca-Ionis drug fails to meet main goal in late-stage heart disease trial
• Negative Sentiment: Several reports say the miss has hurt management credibility and triggered a sharp market selloff, with investors reassessing the value of AstraZeneca’s pipeline. Proactive Investors: AstraZeneca’s Wainua failure hurts credibility more than valuation, Jefferies warns
• Neutral Sentiment: Some analysts still maintained a constructive view, with Bernstein reportedly reiterating a buy rating despite the setback, suggesting the longer-term thesis is not fully broken. Globe and Mail/Bernstein note: AstraZeneca receives a Buy from Bernstein
• Negative Sentiment: Investor concern has also expanded into legal overhangs, with a pending investigation notice adding another source of pressure on the stock. PR Newswire: AstraZeneca Investigation Notice

Analysts Set New Price Targets

Several equities analysts have recently commented on AZN shares. The Goldman Sachs Group restated a “buy” rating on shares of Astrazeneca in a report on Wednesday, July 1st. Jefferies Financial Group reiterated a “buy” rating on shares of Astrazeneca in a report on Friday, June 26th. Morgan Stanley reissued an “overweight” rating on shares of Astrazeneca in a research report on Wednesday, April 8th. TD Cowen restated a “buy” rating on shares of Astrazeneca in a research note on Wednesday, March 18th. Finally, DZ Bank upgraded Astrazeneca from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 29th. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $211.00.

Astrazeneca Stock Down 3.7%

The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.71 and a current ratio of 0.91. The company has a market cap of $266.54 billion, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 1.45 and a beta of 0.24. The business has a 50-day simple moving average of $183.68 and a 200-day simple moving average of $188.59.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Triumph Capital Management purchased a new stake in shares of Astrazeneca during the 3rd quarter worth $25,000. MV Capital Management Inc. purchased a new position in Astrazeneca in the fourth quarter valued at $26,000. Mascoma Wealth Management LLC acquired a new stake in Astrazeneca in the first quarter valued at $26,000. Bangor Savings Bank raised its stake in Astrazeneca by 102.7% in the fourth quarter. Bangor Savings Bank now owns 304 shares of the company’s stock valued at $28,000 after buying an additional 154 shares in the last quarter. Finally, Roxbury Financial LLC purchased a new stake in Astrazeneca during the 2nd quarter worth about $29,000. Institutional investors and hedge funds own 20.35% of the company’s stock.

Astrazeneca Company Profile

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.