AstraZeneca upped to hold at HSBC on oncology drugs and COVID-19 vaccine

/ / News

AstraZeneca was upgraded to hold from reduce, citing stronger-than-anticipated commercial execution and vaccine news flow tailwinds. HSBC said the third-quarter results showed a strong performance from its oncology pillars, Tagrisso, Imfinzi and Lynparza. HSBC said AstraZeneca is still commanding a premium valuation, at 20.3 times core price-to-earnings versus a sector average of 17.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.