AZN

Astrazeneca, Amoy Diagnostics to Develop Diagnostics Programs

Biopharmaceutical major AstraZeneca plc (NASDAQ: AZN) recently revealed that it has signed a Master Collaboration Agreement with a molecular diagnostics company, Amoy Diagnostics Co. Ltd.

Following the news, shares of the company declined marginally to close at $68.61 on Monday.

The agreement entails the development and commercialization of AmoyDx assays that may cover any type of indication or biomarker for companion diagnostic (CDx) use with AstraZeneca medicines globally.

The collaboration will initially focus on the co-development of a CDx to identify prostate cancer patients with Homologous Recombination Repair gene mutations in China, the EU and Japan, and a CDx to identify breast cancer patients with BRCA gene mutations in the EU for Lynparza monotherapy.

Stock Rating

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on two Buys and one Hold. AZN's average price target of $101 implies that the stock has upside potential of 47.2% from current levels. Shares have gained 32.9% over the past year.

Hedge Funds’ Confidence

TipRanks’ Hedge Fund Trading Activity tool shows that hedge fund confidence in Aztrazeneca is currently Positive. Moreover, the cumulative change in holdings across all 13 hedge funds that were active in the last quarter was an increase of 529,400 shares.

Conclusion

Astrazeneca’s move to collaborate with Amoy Diagnostics is expected to allow the company to serve the cancer treatment needs of the critical regions of the EU and Asia.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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