Leerink Partners analyst Andrew Berens has maintained their bullish stance on AZN stock, giving a Buy rating yesterday.
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Andrew Berens has given his Buy rating due to a combination of factors including AstraZeneca’s strong performance in certain key product areas and a notable earnings per share (EPS) beat. Despite a slight miss in total product sales compared to consensus estimates, the company showed resilience with its oncology sales aligning with expectations and some products like Enhertu and Breztri outperforming. The core EPS exceeded expectations by 10%, aided by lower costs of goods sold and SG&A expenses, as well as favorable tax settlements.
Additionally, AstraZeneca’s strategic decisions and ongoing developments contribute to the positive outlook. While the CAPItello-280 trial for Truqap was halted, the continuation of other trials like CAPItello-281 and the potential approval of Calquence-based regimens in the EU highlight the company’s commitment to advancing its pipeline. These factors collectively support the Buy rating, reflecting confidence in AstraZeneca’s ability to navigate challenges and capitalize on growth opportunities.