AstraZeneca Share Price: How Innovation is Pushing AZN UP
AstraZeneca’s share price has been on the rise throughout the year, with year-to-date data showing it is up by 28 per cent. However, July has not been a great month for the drug company, which started strongly, and at some point, it was up by 4 per cent. Today, it is only up by less than a percentage point, with much of that loss coming from last week, when it dropped by 3 per cent.
Is AstraZeneca Poised to Continue Rising?
Based on this week’s data, it appears that AstraZeneca has resumed its strong bullish move. There are also signs of the trend continuing for the next few trading sessions.
The fundamentals of the company are also looking great. For starters, part of the reason we have seen the company grow tremendously is due to its COVID-19 vaccines. In a report published by Bloomberg, the company has been credited with saving more than 5 million people, who would have otherwise had severe symptoms of COVID and long-term effects.
This week, a new report came out about a new drug that has been approved by the FDA, which will see the treatment of breast cancer become possible. The reports indicate the new drug was a collaboration between AstraZeneca and Daiichi Sankyo and it is a specifically engineered HER2-directed antibody-drug conjugate (ADC).
The new drug and the continued fight against COVID-19 have placed AstraZeneca in a position to continue seeing its shares rise for the next few weeks, and possibly months.
AstraZeneca Share Price Analysis
Therefore, my AstraZeneca share price prediction expects it to continue rising. There is a high likelihood that we will see the prices hit and break the recent price high of 11272p.
My long-term price prediction for AstraZeneca’s share price expects the prices to trade above the 12,000p price level. At that level, it will also be possible for us to see the company continue to push upwards.
However, invalidation of my bullish analysis will occur should the prices drop below a recent price low of 9,400p, which was set on June 13. At that point, it will be clear that the company has started a push to the downside.