AstraZeneca (NASDAQ: AZN) stock price performed bullish last week which showed a 3.14% price rise. The weekly price analysis of AZN shares shows little hope for further price growth in the upcoming trading session. But near the weekend, the stock price started showing bears dominance. As bears activeness was noted in its most recent trading session, more price drop can be expected in upcoming trading sessions.
AZN Stock Price Analysis
On July 14, 2023, Friday’s trading session, AstraZeneca (AZN) stock price dropped 0.49% and was noted low at $67.25. Notably, in Friday’s trading session, the opening price of stock, which was $68.92, was also its 1-day high. Due to increased dominance of bears in the market, AZN share price reached nearly $67.30, as per the data sourced from TradingView, a web-based social network for traders.
As the above price performance chart shows, AZN share price closed at its 20 and 200-day moving average, whereas, the pre-market price further showed more price decline for July 17, 2023, Monday’s trading session. The RSI also followed a downward trend that was clearly supported by active bears in the market. As AstraZeneca is soon going to release its Q2 2023 report, more price fluctuation can be expected in AZN share price.
The 1-year price target set by the analysts is at $83.94 and it is up by more than 24% from the last closing price of AZN stock. Their maximum estimate is resting at $111.03 whereas the minimum estimate is $66.62. Moreover, in the past 3 months, analysts gave a “strong buy” rating to AstraZeneca PLC.
Q1 2023 Highlights of AstraZeneca
AstraZeneca PLC (NASDAQ: AZN), a British-Swedish multinational pharmaceutical industry company, has a market cap of nearly $209.43 Billion. In late April 2023, the company released its first quarter (Q1) 2023 report, which stated its net income of the quarter to be $1.80 Billion. AZN price-to-sales ratio is 4.82 and it also has an Enterprise Value to EBITDA ratio of 20.97.
Notably, AZN dividends are paid semi-annually and the last dividend per share was $0.96. As of now, the Dividend Yield (TTM)% is 2.11%. In Q1 2023, earnings per share (EPS) of AstraZeneca PLC was $0.96, whereas the estimation was $0.85, which accounts for a 12.45% surprise. The revenue for the same period amounts to $10.88 Billion, despite the estimated figure of $10.60 Billion.
For the upcoming Q2 2023 report, the estimated EPS is $0.99, while revenue is expected to reach $11.05 Billion. For 2022, the revenue of AstraZeneca PLC amounted to $44.35 Billion, out of which, almost $14.63 Billion came from its highest performing source at the moment, Oncology. Additionally, in the company’s revenue, the U.S. made the greatest contribution that brought AstraZeneca PLC $17.28 Billion.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/17/azn-stock-price-shows-bearish-trend-ahead-its-q2-2023-report/