AstraZeneca plc (ADR) (NYSE: AZN)
AstraZeneca is having an incredibly strong start to the trading session today. When the opening bell rang, the stock quickly made a move to the green, since then, it has been climbing higher and higher. Then, minutes ago, we started to see a spike. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to AZN ahead.
What We’re Seeing From AZN
As mentioned above, AstraZeneca is off to a very strong start to the trading session today. As soon as the market opened, the stock made it to the green. Since then, we’ve seen a continuation of upward movement. Nonetheless, that movement compounded as the stock started to spike minutes ago. Currently (9:53), AZN is trading at $27.11 per share after a gain of $0.84 per share or 3.20% thus far today.
Why The Stock Is Headed Up
As usual, when we got the signal from Trade Ideas that AZN was making a run toward the sky, the CNA Finance team went to work to see if we could find the cause for the gains. It didn’t take long to find the reason for the movement. In this case, the stock is climbing as the result of FDA news.
Recently, AstraZeneca submitted a New Drug Application (NDA) to the United States Food and Drug Administration (FDA). The application surrounded durvalumab as a treatment for bladder cancer. Today, it was announced that the FDA has accepted the application for review, setting the PDUFA to Q2017. Of course, this is great news for investors, so they are reacting.
What We’ll Be Watching For Ahead
Moving forward, we’ll be keeping a close eye on AZN. We’re excited to watch the communication between the FDA and the company and see whether or not durvalumab will be approved. Nonetheless, the fact that the application was accepted is exciting. We’ll keep a close eye on the news and bring you the updates as they happen!
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