In the early hours of today’s trading session, the AstraZeneca share price is down by less than a percentage point. The current trend extends the sideways market that has lasted for the past week, where prices have ranged between 10700 and 11270.
However, it is highly likely that we might see the resumption of the recent price surge that resulted in the company’s value rising by 19 per cent between October 24 and November 10, following news that the company had a cancer drug breakthrough. The surge was in response to the FDA’s approval of its lung cancer drugs, Imfinzi (durvalumab) and Imjudo (tremelimumab), which saw the company’s oncology portfolio sales surge by 24 per cent.
According to recent reports, AstraZeneca has also signed a £330m licensing deal with drug developer C4XD that will help it develop an oral therapy for the treatment of inflammatory and respiratory diseases using its NRF32 Activator programme. C4XD has also already expressed optimism about going into clinical trial soon, indicating it would be receiving $16 million ahead of the first clinical trial. This includes the $2 million upfront fees.
AstraZeneca Share Price Forecast
As seen above, AstraZeneca’s latest move indicates a company that is focused on growth. Therefore, despite the past week showing signs of weakness in the markets, the current fundamental trends of the company paint a different picture and may trigger another bullish trend that mirrors the 19 per cent price surge of October 24 and November 10.
Therefore, it is likely that we might see AstraZeneca’s share price surging again in the next few trading sessions. There is a high likelihood that we might see its prices trading above the 11500p price level within the next month. However, should the price fall below the 10500p price level, then my bullish analysis will be invalidated. At that point, it will be highly likely that the company has entered a bearish trend.
AstraZeneca Daily Chart
