ASTRAZENECA STOCKS RISE ON RATING UPGRADES
AstraZeneca’s stock is currently trading at 6213-higher by 1.27% as compared to the previous closing price.
The investment bank, Cowen upgraded its ratings on the company’s stock to outperform from market perform. The investment bank is bullish on the pharmaceutical company’s deal for a breast cancer drug. Cowen said that upcoming news and further P&L improvement should power AstraZeneca stocks. The investment bank also raised its price target on the pharmaceutical company’s stocks to $48(19% upside) from $42.
The UK drugmaker said on Thursday that it will pay up to $6.9 billion to work with Daiichi Sankyo on treatment for breast cancer. AstraZeneca gains access to a treatment which targets cancer cells accurately, making it more efficient than conventional chemotherapy for patients whose cancer is spreading. The company said that, if approved the drug can be used in other ailments also like colorectal cancer.
On the technical front, the RSI is currently at 48.18% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
TRADE SUGGESTION- LIMIT BUY AT 6209 TAKE PROFIT AT 6229 STOP LOSS AT 6200