AstraZeneca (AZN) Stock: Takes A Dive On Partial FDA Hold

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AstraZeneca plc (ADR) (NYSE: AZN)

AstraZeneca was off to a relatively normal start to the day today. However, just over an hour ago, we started to see a big decline on the stock. After a bit of digging, we believe we’ve dug up the cause. Today, we’ll talk about what we’re seeing from the stock, why, and what we can expect to see from AZN ahead.

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What We’re Seeing From AZN

As mentioned above, AstraZeneca was off to a relatively normal start in the market today. In fact, the stock was trading in the green for most of the morning. However, as the afternoon came around, we saw a steep slide. At the moment (1:14), AZN is trading at $28.28 after a loss of $1.31 per share (4.43%) thus far today.

Why Is The Stock Falling?

As investors, we know that the news moves the market. As soon as the dip started, we went looking for the news, and we dug up something big. It looks like the FDA has placed a partial clinical hold on a key Phase 3 clinical study.

The study surrounds a checkpoint inhibitor developed by AZN known as durvalumab. Unfortunately, the FDA has halted new enrollment, causing AstraZeneca to fall. According to reports, the partial hold was instituted when investigators tracked bleeding events surrounding the combination study that combined durvalumab with tremelimumab for head and neck cancer.

In a statement, the company said that it plans to work with the FDA to sort out the ongoing study. AZN also said that all other studies are proceeding as planned.

What We Can Expect To See Ahead

At least in the short term, I’m expecting to see further declines. At the moment, AZN simply can’t afford this type of delay, and investors are concerned. Future short- and mid-term movement will likely be dictated by this story as it unfolds. So, if you’re trading AstraZeneca, it’s going to be incredibly important to watch this news.

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Hey, Im Joshua, the founder of CNA Finance. I enjoy following the trends in the market and finding the catalysts that are making the moves. If you want to get in contact with me, leave a comment below or email me at CNAFinanceHelp@gmail.com Please keep in mind that I am not an investment advisor and nor is CNA Finance. This is a news and information gathering outlet. We may work directly with some of the companies that we write about. If we have a business relationship with an issuer, we will mention that in the articles. We also have various affiliate relationships with advertisers and may be paid if you sign up for a service that you were referred to through our website.

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