Astrazeneca Plc $AZN Position Reduced by Azzad Asset Management Inc. ADV

Key Points

• Azzad Asset Management cut its AstraZeneca stake by 49.7% in the first quarter, selling 32,261 shares and leaving it with 32,691 shares worth about $6.45 million.
• Investor sentiment was pressured after AstraZeneca and Ionis said Wainua failed to meet its main goal in a late-stage trial for a rare heart condition, raising concerns about the drug’s commercial outlook and pipeline execution.
• Despite the setback, analysts remain broadly constructive on the stock: AstraZeneca has a Moderate Buy consensus rating with a $211 target price, and it recently posted quarterly EPS and revenue that both beat estimates.

Azzad Asset Management Inc. ADV lessened its stake in Astrazeneca Plc (NYSE:AZN - Free Report) by 49.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,691 shares of the company's stock after selling 32,261 shares during the quarter. Astrazeneca makes up approximately 0.7% of Azzad Asset Management Inc. ADV's holdings, making the stock its 23rd biggest holding. Azzad Asset Management Inc. ADV's holdings in Astrazeneca were worth $6,447,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. IHT Wealth Management LLC raised its position in shares of Astrazeneca by 0.3% during the 4th quarter. IHT Wealth Management LLC now owns 17,527 shares of the company's stock valued at $3,076,000 after acquiring an additional 54 shares in the last quarter. Visionary Wealth Advisors boosted its holdings in Astrazeneca by 1.5% in the fourth quarter. Visionary Wealth Advisors now owns 4,197 shares of the company's stock worth $737,000 after purchasing an additional 60 shares during the period. Vista Investment Management boosted its holdings in Astrazeneca by 0.3% in the fourth quarter. Vista Investment Management now owns 21,215 shares of the company's stock worth $3,723,000 after purchasing an additional 60 shares during the period. Kestra Investment Management LLC raised its holdings in shares of Astrazeneca by 1.9% during the fourth quarter. Kestra Investment Management LLC now owns 3,391 shares of the company's stock worth $595,000 after purchasing an additional 63 shares during the period. Finally, Luken Investment Analytics LLC boosted its holdings in shares of Astrazeneca by 4.3% in the 4th quarter. Luken Investment Analytics LLC now owns 1,564 shares of the company's stock valued at $274,000 after buying an additional 64 shares during the period. 20.35% of the stock is owned by institutional investors.

More Astrazeneca News

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

Analysts Set New Price Targets

Several research firms recently weighed in on AZN. Barclays reiterated a "buy" rating on shares of Astrazeneca in a research note on Monday, June 1st. Sanford C. Bernstein reissued a "buy" rating on shares of Astrazeneca in a report on Monday, May 4th. DZ Bank upgraded Astrazeneca from a "neutral" rating to a "buy" rating in a research report on Wednesday, April 29th. Weiss Ratings lowered Astrazeneca from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, June 18th. Finally, The Goldman Sachs Group reiterated a "buy" rating on shares of Astrazeneca in a research note on Wednesday, July 1st. Fourteen investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $211.00.

Astrazeneca Price Performance

Shares of Astrazeneca stock opened at $178.46 on Friday. Astrazeneca Plc has a 52 week low of $137.23 and a 52 week high of $212.71. The company has a current ratio of 0.91, a quick ratio of 0.71 and a debt-to-equity ratio of 0.52. The stock has a market cap of $276.77 billion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 1.53 and a beta of 0.24. The company's 50-day moving average price is $183.99 and its two-hundred day moving average price is $188.61.

Astrazeneca (NYSE:AZN - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.52 by $0.06. The business had revenue of $15.29 billion during the quarter, compared to analyst estimates of $14.93 billion. Astrazeneca had a net margin of 17.19% and a return on equity of 30.86%. As a group, sell-side analysts anticipate that Astrazeneca Plc will post 10.28 EPS for the current fiscal year.

Astrazeneca 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.

Want to see what other hedge funds are holding AZN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Astrazeneca Plc (NYSE:AZN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.