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

AstraZeneca PLC (NASDAQ:AZN) saw a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 4,030,000 shares, a decrease of 25.2% from the September 30th total of 5,390,000 shares. Based on an average daily trading volume, of 4,430,000 shares, the short-interest ratio is currently 0.9 days.

AstraZeneca Stock Performance

NASDAQ:AZN traded down $0.51 during trading hours on Tuesday, hitting $75.50. 567,747 shares of the company were exchanged, compared to its average volume of 4,987,867. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.89 and a quick ratio of 0.69. AstraZeneca has a 52-week low of $60.47 and a 52-week high of $87.68. The stock has a market capitalization of $234.09 billion, a price-to-earnings ratio of 36.72, a PEG ratio of 1.39 and a beta of 0.46. The company’s 50 day moving average price is $80.23 and its 200-day moving average price is $78.63.

Hedge Funds Weigh In On AstraZeneca

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AZN. McClarren Financial Advisors Inc. raised its stake in shares of AstraZeneca by 320.8% in the third quarter. McClarren Financial Advisors Inc. now owns 324 shares of the company’s stock worth $25,000 after purchasing an additional 247 shares during the last quarter. GHP Investment Advisors Inc. acquired a new stake in AstraZeneca during the 2nd quarter valued at approximately $26,000. Pathway Financial Advisers LLC purchased a new stake in shares of AstraZeneca in the 1st quarter valued at $29,000. RFP Financial Group LLC increased its stake in shares of AstraZeneca by 56.3% in the first quarter. RFP Financial Group LLC now owns 494 shares of the company’s stock worth $33,000 after acquiring an additional 178 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its stake in shares of AstraZeneca by 40.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 506 shares of the company’s stock worth $34,000 after buying an additional 146 shares during the last quarter. Hedge funds and other institutional investors own 20.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft cut AstraZeneca from a “hold” rating to a “sell” rating in a research report on Friday, September 13th. Erste Group Bank raised AstraZeneca from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. Finally, TD Cowen boosted their target price on shares of AstraZeneca from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.75.

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.