Astrazeneca (NYSE:AZN) Shares Up 3.5% - Here's What Happened

Key Points

• AstraZeneca shares rose 3.5% to about $161.21 in mid-day trading, though volume was 78% below the stock’s average daily level.
• Analyst sentiment remains broadly positive: 15 analysts rate the stock a Buy, three a Hold and one a Sell, producing a “Moderate Buy” consensus and an average price target of $206.67.
• The company exceeded quarterly earnings expectations with $2.63 in EPS versus the $2.50 consensus, while revenue increased 6.4% year over year to $15.38 billion, slightly below estimates.

Astrazeneca Plc (NYSE:AZN - Get Free Report) shares shot up 3.5% during mid-day trading on Wednesday. The company traded as high as $161.72 and last traded at $161.2070. Approximately 602,235 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 2,788,446 shares. The stock had previously closed at $155.82.

Analysts Set New Price Targets

AZN has been the topic of several analyst reports. Citigroup reaffirmed a "buy" rating on shares of Astrazeneca in a report on Tuesday, October 6th. Deutsche Bank Aktiengesellschaft upgraded Astrazeneca from a "sell" rating to a "hold" rating in a research report on Tuesday, September 15th. Jefferies Financial Group reissued a "buy" rating on shares of Astrazeneca in a research note on Friday, June 26th. Bank of America restated a "buy" rating on shares of Astrazeneca in a report on Wednesday, July 1st. Finally, Zacks Research cut Astrazeneca from a "hold" rating to a "strong sell" rating in a report on Monday, September 14th. Fifteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $206.67.

Astrazeneca Trading Up 4.2%

The business has a 50-day moving average price of $161.95 and a two-hundred day moving average price of $176.56. The company has a quick ratio of 0.67, a current ratio of 0.89 and a debt-to-equity ratio of 0.47. The company has a market cap of $251.81 billion, a P/E ratio of 24.31, a P/E/G ratio of 1.34 and a beta of 0.27.

Astrazeneca (NYSE:AZN - Get Free Report) last announced its quarterly earnings results on Monday, July 27th. The company reported $2.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.50 by $0.13. The firm had revenue of $15.38 billion for the quarter, compared to the consensus estimate of $15.44 billion. Astrazeneca had a return on equity of 31.45% and a net margin of 17.02%. The business's revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.17 earnings per share. On average, analysts predict that Astrazeneca Plc will post 9.38 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Adirondack Trust Co. acquired a new stake in Astrazeneca during the 3rd quarter valued at approximately $88,000. Signal Advisors Wealth LLC lifted its holdings in shares of Astrazeneca by 2.7% in the 3rd quarter. Signal Advisors Wealth LLC now owns 2,778 shares of the company's stock worth $448,000 after purchasing an additional 72 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of Astrazeneca by 101.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 9,241 shares of the company's stock worth $1,492,000 after acquiring an additional 4,647 shares in the last quarter. Forvis Mazars Wealth Advisors LLC raised its position in Astrazeneca by 5.4% in the 3rd quarter. Forvis Mazars Wealth Advisors LLC now owns 2,321 shares of the company's stock valued at $375,000 after buying an additional 119 shares during the last quarter. Finally, Madson Wealth Advisors Inc lifted its position in shares of Astrazeneca by 3.9% during the third quarter. Madson Wealth Advisors Inc now owns 3,344 shares of the company's stock valued at $540,000 after purchasing an additional 126 shares in the last quarter. Institutional investors and hedge funds own 20.35% of the company's stock.

About Astrazeneca

AstraZeneca PLC is a global biopharmaceutical company headquartered in Cambridge, United Kingdom. Its research, development and commercial operations focus on prescription medicines for serious and chronic diseases, with an emphasis on discovering and delivering innovative therapies rather than operating as a diversified healthcare conglomerate.

The company's principal therapeutic areas include oncology; cardiovascular, renal and metabolic diseases; respiratory and immunological conditions; and rare diseases.

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