AstraZeneca PLC (NASDAQ:AZN) Sees Significant Decrease in Short Interest

AstraZeneca PLC (NASDAQ:AZN) was the target of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 6,410,000 shares, a decline of 19.2% from the June 15th total of 7,930,000 shares. Based on an average daily trading volume, of 4,660,000 shares, the days-to-cover ratio is currently 1.4 days.

Institutional Trading of AstraZeneca

Several large investors have recently added to or reduced their stakes in the company. Lindbrook Capital LLC lifted its position in AstraZeneca by 1.7% during the 1st quarter. Lindbrook Capital LLC now owns 8,005 shares of the company’s stock worth $542,000 after buying an additional 137 shares in the last quarter. Bruce G. Allen Investments LLC lifted its position in shares of AstraZeneca by 19.1% during the second quarter. Bruce G. Allen Investments LLC now owns 860 shares of the company’s stock worth $67,000 after purchasing an additional 138 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of AstraZeneca by 40.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 506 shares of the company’s stock valued at $34,000 after purchasing an additional 146 shares during the last quarter. Gallacher Capital Management LLC increased its holdings in shares of AstraZeneca by 2.8% in the first quarter. Gallacher Capital Management LLC now owns 5,431 shares of the company’s stock valued at $368,000 after purchasing an additional 150 shares in the last quarter. Finally, Beaird Harris Wealth Management LLC raised its position in AstraZeneca by 8.9% in the 4th quarter. Beaird Harris Wealth Management LLC now owns 1,851 shares of the company’s stock worth $125,000 after purchasing an additional 151 shares during the last quarter. 20.35% of the stock is owned by institutional investors.

AstraZeneca Price Performance

Shares of AZN stock traded down $0.87 during trading hours on Monday, hitting $78.37. The company had a trading volume of 1,546,292 shares, compared to its average volume of 5,379,195. AstraZeneca has a 12 month low of $60.47 and a 12 month high of $80.86. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.70 and a current ratio of 0.89. The firm’s fifty day moving average is $78.17 and its 200 day moving average is $71.22. The firm has a market capitalization of $242.99 billion, a price-to-earnings ratio of 38.45, a PEG ratio of 1.43 and a beta of 0.45.

AstraZeneca (NASDAQ:AZN) last released its quarterly earnings data on Thursday, April 25th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. AstraZeneca had a return on equity of 30.42% and a net margin of 13.30%. The firm had revenue of $12.68 billion during the quarter, compared to analyst estimates of $11.92 billion. On average, sell-side analysts predict that AstraZeneca will post 4.04 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AZN. Barclays upgraded shares of AstraZeneca to a “strong-buy” rating in a report on Monday, June 24th. Deutsche Bank Aktiengesellschaft raised AstraZeneca from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. BMO Capital Markets upped their price target on AstraZeneca from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. The Goldman Sachs Group began coverage on AstraZeneca in a research report on Thursday, May 30th. They issued a “buy” rating and a $97.00 price objective for the company. Finally, Argus boosted their target price on shares of AstraZeneca from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $88.00.

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.