AstraZeneca investor Woodford says share fall on Mystic results not justified
Reuters
Published Jul 28, 2017 09:32
AstraZeneca investor Woodford says share fall on Mystic results not justified
LONDON (Reuters) - Top AstraZeneca (L:AZN) shareholder Neil Woodford said a 16 percent fall in the company's share price on Thursday after the failure of a high-profile medical study was unwarranted and had not led him to change his view on the company.
The Mystic study results showed that a combination of two injectable immunotherapy drugs had failed to help patients as hoped.
Woodford, however, said the scale of the share price fall was not evidence of the failure of the drug, the company's strategy or his fund's rationale for holding the stock.
Specifically, he said the market was failing to put sufficient value on the company's cancer drugs, including Tagrisso and Lynparza.
"The investment case for AstraZeneca is about so much more than this one trial. Across a broad spread of disease areas, the company is developing new ground-breaking therapies which have significant commercial potential," he wrote in a blog posted on the company's website late Thursday.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.