Assenagon Asset Management S.A. Buys 422,866 Shares of Astrazeneca Plc $AZN

Assenagon Asset Management S.A. raised its stake in Astrazeneca Plc (NYSE:AZN) by 45.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,352,177 shares of the company’s stock after acquiring an additional 422,866 shares during the period. Assenagon Asset Management S.A.’s holdings in Astrazeneca were worth $256,049,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Triumph Capital Management purchased a new position in Astrazeneca in the third quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in shares of Astrazeneca during the fourth quarter valued at approximately $26,000. Mascoma Wealth Management LLC purchased a new stake in shares of Astrazeneca during the first quarter valued at approximately $26,000. Roxbury Financial LLC bought a new stake in shares of Astrazeneca during the second quarter valued at approximately $29,000. Finally, Eagle Bay Advisors LLC bought a new stake in shares of Astrazeneca during the fourth quarter valued at approximately $30,000. 20.35% of the stock is currently owned by institutional investors.

Key Stories Impacting Astrazeneca

Here are the key news stories impacting Astrazeneca this week:

• Positive Sentiment: A senior source told Reuters that there are “no discussions” between AstraZeneca and Bristol Myers Squibb, helping ease concerns that AstraZeneca could pursue a roughly $400 billion deal with substantial financing, integration and execution risks. Reuters report on AstraZeneca and Bristol Myers discussions
• Positive Sentiment: The denial triggered a sharp rebound in AZN after the stock had suffered an approximately 9% selloff when merger speculation first emerged. Investors viewed the lack of a deal as favorable because AstraZeneca could avoid slowing its growth profile through a major integration. Yahoo Finance report on AZN merger speculation
• Positive Sentiment: A Wall Street Journal analysis described AstraZeneca’s stock as attractively valued even without a transaction, supporting the view that the company’s underlying business and track record remain the principal investment case. Wall Street Journal analysis of AstraZeneca valuation
• Neutral Sentiment: CNBC reported that a tie-up could give AstraZeneca immediate U.S. scale through Bristol Myers’ U.S.-focused operations, but such a megamerger would depart from a decade of industry strategy and could bring slower growth and significant integration risk. CNBC report on potential AstraZeneca and Bristol Myers merger
• Negative Sentiment: The contradictory reports continue to create uncertainty around AstraZeneca’s capital-allocation strategy. Traders also purchased a high volume of AZN call options, indicating elevated speculative interest rather than clear confirmation of a fundamental change. Report on AstraZeneca call-option activity

Astrazeneca Stock Down 0.4%

NYSE AZN opened at $160.92 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.89 and a debt-to-equity ratio of 0.47. Astrazeneca Plc has a 52 week low of $145.79 and a 52 week high of $212.71. The stock’s 50-day moving average price is $176.83 and its 200-day moving average price is $187.26. The company has a market capitalization of $249.57 billion, a P/E ratio of 24.05, a price-to-earnings-growth ratio of 1.40 and a beta of 0.26.

Astrazeneca (NYSE:AZN) last issued its earnings results on Monday, July 27th. The company reported $2.63 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.13. Astrazeneca had a net margin of 17.02% and a return on equity of 31.45%. The company had revenue of $15.38 billion during the quarter, compared to the consensus estimate of $15.44 billion. During the same quarter in the prior year, the firm posted $2.17 EPS. Astrazeneca’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts predict that Astrazeneca Plc will post 10.21 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on AZN shares. Jefferies Financial Group restated a “buy” rating on shares of Astrazeneca in a report on Friday, June 26th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Wall Street Zen lowered Astrazeneca from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. DZ Bank upgraded Astrazeneca from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 29th. Finally, UBS Group reaffirmed a “buy” rating on shares of Astrazeneca in a report on Friday, April 10th. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $211.00.

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.