AstraZeneca PLC (NASDAQ:AZN) Sees Large Growth in Short Interest

AstraZeneca PLC (NASDAQ:AZN) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 4,630,000 shares, an increase of 14.9% from the October 15th total of 4,030,000 shares. Based on an average trading volume of 4,910,000 shares, the days-to-cover ratio is currently 0.9 days.

AstraZeneca Price Performance

Shares of NASDAQ AZN opened at $63.23 on Monday. AstraZeneca has a twelve month low of $60.47 and a twelve month high of $87.68. The firm has a market cap of $196.05 billion, a P/E ratio of 30.25, a PEG ratio of 1.17 and a beta of 0.47. The company has a 50 day moving average of $75.03 and a 200 day moving average of $78.23. The company has a quick ratio of 0.69, a current ratio of 0.93 and a debt-to-equity ratio of 0.71.

AstraZeneca (NASDAQ:AZN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.03. AstraZeneca had a net margin of 12.68% and a return on equity of 30.01%. The company had revenue of $13.57 billion during the quarter, compared to analyst estimates of $13.08 billion. During the same period in the previous year, the business earned $0.87 EPS. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. As a group, research analysts expect that AstraZeneca will post 4.07 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on AZN shares. TD Cowen lifted their price objective on AstraZeneca from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft upgraded shares of AstraZeneca from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Erste Group Bank upgraded shares of AstraZeneca from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $89.75.

Hedge Funds Weigh In On AstraZeneca

A number of hedge funds have recently added to or reduced their stakes in the company. Stratos Wealth Advisors LLC grew its position in AstraZeneca by 2.0% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 6,699 shares of the company’s stock worth $522,000 after purchasing an additional 133 shares during the period. Bruce G. Allen Investments LLC grew its position in AstraZeneca by 19.1% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 860 shares of the company’s stock worth $67,000 after purchasing an additional 138 shares during the period. Carnegie Investment Counsel grew its position in AstraZeneca by 0.8% in the 2nd quarter. Carnegie Investment Counsel now owns 17,269 shares of the company’s stock worth $1,347,000 after purchasing an additional 138 shares during the period. Crumly & Associates Inc. grew its position in AstraZeneca by 2.2% in the 3rd quarter. Crumly & Associates Inc. now owns 6,644 shares of the company’s stock worth $518,000 after purchasing an additional 143 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its position in AstraZeneca by 40.6% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 506 shares of the company’s stock worth $34,000 after purchasing an additional 146 shares during the period. 20.35% of the stock is currently owned by hedge funds and other institutional investors.

About AstraZeneca

AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company’s marketed products include Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Farxiga, Brilinta, Lokelma, Roxadustat, Andexxa, Crestor, Seloken, Onglyza, Bydureon, Fasenra, Breztri, Symbicort, Saphnelo, Tezspire, Pulmicort, Bevespi, and Daliresp for cardiovascular, renal, metabolism, and oncology.