AstraZeneca Stock Surges on Upbeat Earnings, Forecast

Options volume is running at four times the intraday average

Deputy Editor
Nov 10, 2022 at 11:25 AM
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AstraZeneca PLC (NASDAQ:AZN) stock is up 7% at $65.30 at last glance, after the biotech name posted an upbeat third-quarter report and raised forecast. The company posted earnings of 84 cents per share on revenue of $10.98 billion, beating analyst estimates of 72 cents per share on $10.91 billion, and lifted its full-year guidance due to strong demand for its cancer drugs.

Today's pop has AZN gapping above pressure at its 100-day moving average as well as the $62 level. A short-term dip could be overdue, however, per the stock's 14-day relative strength index (RSI) of 87.3, which sits firmly in "overbought" territory. Year-to-date, the equity is currently up 11.9%. 

Analysts have yet to chime in after the event, but the majority already lean bullish. Of the seven in coverage, five carry a "strong buy" rating on AstraZeneca stock. Plus, the 12-month consensus price target of $71.90 is a 10.1% premium to current levels. 

Options volume is running at four times the intraday average, with 3,513 calls and 1,699 puts across the tape so far. The weekly 11/11 62-strike call is the most popular, followed by the December 62.50 call, with new positions being opened at the latter. 


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