AstraZeneca Shares Look Set for Swift Recovery

Dow Jones
Yesterday

1401 GMT - AstraZeneca shares have been overly punished by recent concerns, but they look set for a swift recovery once uncertainty dissipates, RBC Capital Markets analysts say in a research note. The failure of a heart-disease clinical trial, takeover speculation and uncertainty about upcoming results from two big cancer studies have all weighed on the U.K. drugmaker's stock, the analysts say. AstraZeneca faces low expectations for the two late-stage trials in breast and lung cancers and it doesn't need them to be successful to reach its target of $80 billion in revenue by 2030, but uncertainty might keep risk-averse investors on the sidelines, they add. RBC starts coverage of AstraZeneca with an outperform recommendation and a target price of 145 pounds. Shares fall 1.7% to 116.82 pounds.

 

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