AstraZeneca Plc Share Price Forecast September 2021 – Time to Buy AZN Stock?
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Even before the development of the COVID-19 vaccine, the company AstraZeneca has been on the radar of careful investors who kept monitoring this company’s shares to find indications regarding its imminent success. Every corner of the world has now received or is trying to get its hands on the AstraZeneca vaccine which is proven to be highly effective against the deadly coronavirus. Shares of this global drug manufacturer rose yesterday on the London Stock Exchange beyond expectations which is why we will take a closer look at it in today’s forecast. In the following, we will discuss why international investors are making these shares jump.
AstraZeneca Plc. – Technical Analysis
AstraZeneca Plc. is a renowned holding company within the Health Technology sector since 1972 and it is headquartered in Cambridge, UK. The company mainly delves into research, development, and manufacture pharmaceutical products to be utilised in the therapy of a vast majority of areas. Now the company is globally famous for making rare drugs one of them being the AstraZeneca COVID-19 vaccine. The company made billions through the help of its vaccine according to their financial statement. The total market capitalisation of AstraZeneca is currently £131.9 billion with £1.54 billion as the number of outstanding shares. The average 24-hr volume of AZN listed on the LSE is around £1.25 million and yesterday its share prices reached £8,645 with a 1.6% uptick.
From a technical standpoint, it is clear to see where the investors are headed with AZN on LSE specifically. The company’s upcoming earnings report is due on November 12 and yet it is currently within the buy zone due to its performance. Expert’s favourite technical indicators including RSI (58), SMA (8565), MACD (51), and EMA (8564) point towards a Strong Buy price action for all those who intend to leverage the current situation and capitalise on AZN’s bullish performance. All 14 moving averages are in the favour of buying AZN instead of selling it.
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Recent Developments
On 3rd September, the European Union made a statement that relieved many Europe-based AZN investors. The announcement said that the EU has come to an agreement with Anglo-Swedish drugmakers which concluded a damaging legal battle between the two parties. Before this, the executive branch of the EU believed there have been a deliberate slow delivery of 300 million doses of the coronavirus vaccine developed by AstraZeneca.
As the court tussle is out of the way of one of the key pillars of COVID-19 vaccines rollout, the market has been responding positively since September 3. The executive VP of the BioPharmaceuticals Business Unit of AstraZeneca said that the company is looking forward to a collaboration with the European Commission to manufacture & supply Vaxzevria and further support COVAX in the EU region.
Reasons to Buy AZN Shares
AstraZeneca has been a key pillar in the rollout of COVID-19 vaccines in low and lower-middle-income countries at a relatively cheap cost than alternative drugs from Pfizer. The company has managed to supply up to 1.1 billion doses of its vaccine with the help of its partners across the globe. Recently, the government of Poland announced that it would donate 400K doses of the AstraZeneca vaccine to Taiwan.
Though the price target for AZN decreased yesterday, several market experts have given AstraZeneca Buy a rating on the basis of its potential upside.
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