Tuesday, February 8, 2011

AZN.L - Price goes up despite bad news

AZN.L released more bad news over the week. Here's the gist:

Fri 4 Feb: "the agency [FDA] has accepted AstraZeneca's resubmission of the ticagrelor NDA [aka Brilinta], categorised it as a Class 2 resubmission to the CRL, and set a new PDUFA date of 20 July 2011." I don't that came as a surpise to anyone.

Mon 7 Feb: AZN buys 750k of its own shares, at 2942pps.  That's about £22m.

Mon 7 Feb: "ASTRAZENECA HALTS PHASE III TRIAL OF ZIBOTENTAN". So basically, it doesn't work.

It was interesting to see that AZN was up 2% today, against the Footsie of 0.7%. Over the last 5 days, AZN is up 3.1%, compared to the Footsie up 1.9%. Perhaps I'm being premature and overoptimistic, but could we be seeing that AZN is an exhausted bear? I could be wrong, of course; in which case, expect me to make more predictions in the hope of improving my hit rate.

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