(CercleFinance.com) – AstraZeneca shares were attacked on the London Stock Exchange on Wednesday in the wake of a downgrade by Morgan Stanley analysts, who went from ‘overweight’ to ‘online weight’ on the value.
Around 11:20 a.m., the title of the biopharmaceutical group lost nearly 1.5%, compared with a decline of 0.6% for the FTSE 100 index.
In a study devoted to the European pharmaceutical sector, the design office justifies its degradation by the risks associated with the short-term results of the laboratory.
Due to the investment efforts made by the group, Morgan Stanley declares that it expects performance to be 7% below the consensus for the 2023 financial year.
The analyst also raises issues related to valuation.
“While we believe the company has the most promising catalysts for innovation over the next 18 months, we believe that perspective is increasingly factored into the valuation,” Morgan Stanley said.
The intermediary also mentions a risk linked to the evolution of drug pricing in the United States, which he considers particularly pronounced for AstraZeneca.
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