(CercleFinance.com) – AstraZeneca shares rebounded by almost 2% on the London Stock Exchange on Tuesday, some analysts deeming the heavy fall in value yesterday to be excessive.
The title of the biopharmaceutical group had taken down almost 8% on Monday following the presentation of results of a phase III study in lung cancer deemed ‘difficult to interpret’, even downright disappointing.
“The absence of positive rhetoric in the press release, such as the use of the term ‘clinically significant’, and the occurrence of interstitial diseases did not meet the expectations of investors, which were high”, recall the Berenberg teams .
The design office, which reduced its target price from 13,500 to 13,300 pence, nevertheless maintains its buy recommendation on the title.
“We think the stock price reaction has been overdone given the strength of AstraZeneca’s pipeline of drug projects,” he said.
An opinion shared by AlphaValue, which believes that the market has been too harsh on the laboratory.
For the Paris firm, it is ‘too early to draw unfavorable conclusions given the six ongoing phase III trials’, which leads it to consider yesterday’s stock market correction as ‘a good entry point’.
Note however that Deutsche Bank analysts have decided to downgrade their recommendation on the stock to ‘hold’ against ‘buy’ previously, with a target reduced from 13,000 to 11,000 pence.
If they evoke results that are a priori satisfactory from a technical point of view and the prospect of new data to come, the professionals highlight “clearly disappointing” conclusions likely to call into question, according to them, the potential of its candidate. in lung cancer.
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