Stock price movement
On April 26, AstraZeneca (AZN) announced its first-quarter results. Its revenue rose 6% YoY (year-over-year) to $5.49 billion on a reported basis and 11% on a CER (constant exchange rate) basis, beating analysts’ revenue estimate by $92.57 million.
AstraZeneca’s product sales rose 10% YoY to $5.46 billion on a reported basis and 14% on a CER basis. In its first-quarter conference call, the company reported that its product sales rose 21% YoY, excluding the impact of divested products, and its new medicine sales rose 83% YoY, (or ~$900 million) in the first quarter.
AstraZeneca’s non-GAAP EPS rose 85% YoY to $0.89 on a reported basis and 100% on a CER basis, beating analysts’ estimate by $0.05. The company’s GAAP EPS rose 75% to $0.47 on a reported basis and 90% on a CER basis.
After the release, AstraZeneca stock closed at $37.99 on April 26, 2.74% lower than its previous close, 10.50% above its 52-week low of $34.38, and 12.25% below its 52-week high of $43.29. The company’s market capitalization is $99.65 billion, and its PE, forward PE, price-to-sales, price-to-book, and price-to-cash ratios are 44.69x, 18.51x, 4.51x, 7.72x, and 17.54x, respectively.
AstraZeneca’s 14-day RSI (relative strength index) score is 27.85. It has 2.62 billion outstanding shares and a short float ratio of 0.85%.
Analysts’ recommendations and target price
Analysts’ average target price of $46.10 implies a 21.35% upside for AstraZeneca stock based on its April 26 closing price. Analysts raised its target price from $42.06 in January to $45.77 in February and March, and then again in April. Of the five analysts covering AstraZeneca, three recommend “strong buy,” one recommends “buy,” and one recommends “hold.”