What's Behind AstraZeneca's September Rebound?
After a tough couple of months, British pharma giant AstraZeneca (NYSE: AZN) actually saw its shares rise by a healthy 12.5% last month, according to data from S&P Global Market Intelligence. The drugmaker's stock had been in a tailspin following the late-stage failure of its lung cancer immunotherapy cocktail consisting of the checkpoint antibodies Imfinzi (durvalumab) and tremelimumab. September marked the first month where Astra's shares gained ground since this landmark event.
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Astra's double-digit rise in September wasn't really the result of a positive clinical or regulatory catalyst -- or even an improving fundamental picture. Rather, the drugmaker's shares seemed to rally mainly on a positive note from investment banker Bernstein -- even though Astra did report an encouraging clinical update for Imfinzi in the lung-cancer maintenance setting at the European Society for Medical Oncology annual meeting in Madrid last month.
Source: Fool.com