Should you buy AstraZeneca (LON: AZN) shares now?

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Should you buy AstraZeneca (LON: AZN) shares now?

 Should you buy AstraZeneca (LON: AZN) shares now?
Image source: Dimitris Barletis, Shutterstock.com

Highlights

  • While the FTSE 100 index was trading in red on 7 April, AstraZeneca shares were up after the announcement of its phase three Champion-MG trial results.
  • According to the results, Ultomiris has exhibited long-term efficacy in adults suffering from generalised myasthenia gravis.

The FTSE 100 index has been going through a roller coaster ride lately. The blue-chip index has been edging lower over the past two days due to anticipation of more Western sanctions against Russia amid the US rate hike worries.

Even after the release of the UK’s plan to focus on nuclear energy through its new energy strategy, the FTSE 100 index was down by 0.15%, at 7,576.18 points, at around 3:00 PM (GMT+1) on 7 April 2022.  However, the index has been supported by healthcare stocks, like AstraZeneca (LON: AZN) and GlaxoSmithKline (LON: GSK), which are trading in the positive territory.

AstraZeneca’s shares up after releasing its phase three Champion-MG trial results

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Why are AstraZeneca shares up?

On 6 April 2022, global biopharmaceutical company AstraZeneca announced the results of its phase three Champion-MG trial. According to the results, Ultomiris has exhibited long-term efficacy in adults suffering from a chronic autoimmune neuromuscular disease called generalised myasthenia gravis. AstraZeneca explained that this disease leads to acute weakness and is detrimental to muscle functions.

Throughout the period of the analysis, the medication worked fine and was endured well, with continual health improvements through the 60 weeks period, as per AstraZeneca. At present, the regulatory submissions for Ultomiris are being evaluated by various health agencies in the EU, the US, as well as Japan.

AstraZeneca’s share price performance

Cambridge-based biopharmaceutical company, AstraZeneca plc, is among the leading healthcare business across the globe. AstraZeneca is listed on the London Stock Exchange’s main market since June 1993. The company, which is a constituent of the FTSE 100 index, has provided its shareholders with a return of 48.16% over the last one year as of 7 April 2022, while its return stands at 22.47% on a year-to-date basis.

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Shares in AstraZeneca were up by 1.82% at around 3:00 PM (GMT+1) on 7 April 2022, standing at GBX 10,652.00. The current market cap of the company stands at £162,103.86 million.

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