Why AstraZeneca Shares Are Trading Higher Today

AstraZeneca PLC (NASDAQ:AZN) is trading higher Monday after the company announced its Enhertu data that was presented at the European Society for Medical Oncology showed reduced risk of disease progression by 72% in patients with HER2-Positive metastatic breast cancer.

There was a strong trend towards improved overall survival, however this analysis is not yet mature and is not statistically significant. 94.1% of all patients treated with Enhertu were alive at one year compared to 85.9% of patients treated with T-DM1.

AstraZeneca sells branded drugs across several major therapeutic classes including gastrointestinal, diabetes, cardiovascular, respiratory, cancer and immunology.

SVB Leerink analyst Andrew Berens maintained AstraZeneca with an Outperform rating and raised the price target from $69 to $71.

AZN Price Action: AstraZeneca has traded as high as $60.93 and as low as $46.48 over a 52-week period.

The stock was up 4.45% at $58.03 at time of publication.

Photo: courtesy of AstraZeneca.