AstraZeneca plc (ADR) (NYSE: AZN)
AstraZeneca was off to a relatively normal start in the market for today’s trading session. However, minutes ago, that all changed. The stock started spiking and seems to be continuing on the trend. Below, we’ll talk about what we’re seeing from the stock, why, and what we should be watching with regard to AZN ahead.
What We’re Seeing From AZN
As mentioned above, AstraZeneca was off to a relatively normal trading session today. While the stock was in the green at some points and in the red at others, none of the movement was anything to write home about. Nonetheless, that all changed minutes ago as the stock started to climb. Currently (12:05), AZN is trading at $28.00 per share after a gain of $0.32 per share (1.16%) thus far today.
Why We’re Seeing The Gains
As soon as we noticed the spike on AZN, the CNA Finance team started digging to see what was causing the movement. During our search, we found no fundamental news from the company that would suggest that such incredible growth would be happening. Nonetheless, we were able to find something.
At the foot of this run, we found news from Intereconomia. According to the website, AstraZeneca is in the cross hairs of a Novartis (NVS) acquisition. However, it’s important to keep in mind that this is all rumor at the moment. These claims have not yet been confirmed by AZN or NVS. Also, it’s important to keep in mind who the source is. Throughout the past couple of years, I’ve come across several acquisition rumors on Interconomia, but very few of them have proven to be true.
What We’ll Be Watching Ahead
Moving forward, we’ll be keeping a close eye on the AZN acquisition news. However, we are not too optimistic about the prospect here. At the end of the day, the rumor was started by Intereconomia, a website known for shaking the market with rumors that lack validity! Nonetheless, we’ll keep a close eye on the story and keep you posted with the news as it breaks!
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[Image Courtesy of Wikimedia]