AstraZeneca Pharma India Limited (AZPIL) was established in 1979 and is headquartered at Bengaluru, Karnataka, is a subsidiary of AstraZeneca Plc, UK. It has a workforce of over 1,400 employees across the country that is committed to deliver life-changing medicines to patients through innovative science and global excellence in development and commercialization. The company has an innovative portfolio in crucial areas of healthcare including cardiovascular, renal & metabolic diseases, oncology and respiratory.
Launch of FDC of Dapagliflozin 10mg + Saxagliptin 5mg film coated tablets (QTERN®):
The company has recently launched QTERN® in India, after receiving import and market permission from Drug Controller General of India (DCGI). It is used to improve glycemic control in adults with type 2 diabetes mellitus.
Import and market permission from DCGI for Acalabrutinib 100mg capsules (Calguence®):
Receiving this import and market permission paves the way for the launch of Acalabrutinib 100mg capsules (Calquence®) in India, subject to the receiving related statutory approvals and licenses. Acalabrutinib 100mg capsules are used for treatment of patients with chronic lymphocytic leukaemia (CLL)/ small lymphocytic lymphoma (SLL).
Global development, manufacturing and distribution of the vaccine:
AstraZeneca plc and the University of Oxford announced an agreement on 30th April, for the global development and distribution of the University’s potential recombinant adenovirus vaccine aimed at preventing COVID-19 infection from SARS-CoV-2. Under the agreement, AstraZeneca would be responsible for development and worldwide manufacturing and distribution of the vaccine.
As pharmaceutical manufacturing is exempted from the lockdown, Astrazeneca is working hard to ensure continued supply of its medicines. The company can face short term issues like non-availability of labour or supply related issues. The company has a strong balance sheet to deal with any short term disruption.
Price: AstraZeneca Pharma has taken support from its previous swing high and closed in green zone. The stock has been supportive volume formation on daily charts. The stock has been in consolidation range before the breakout has been witness. The stock is in uptrend and making higher tops and higher bottom formation on daily charts. The historic cal price action in the stock reflects that any meaningful dip in the stock attract market participants. The stock has seen its profit booking from high of Rs.3375 levels, which has placed the stock near its support of Rs. 2400 – Rs. 2700 levels. The stock has bounced from the support level with increased in volume which indicates the strength in the counter.
Indicator: The stock is trading above keen moving average 21EMA & 50EMA on daily chart. The RSI 14 on daily chart is pegged at 55.63 trading with higher lows on daily chart; positive crossover with signal line on daily chart shows the strength in the counter. Whereas ADX trading at 30.94, well trading above 25, which shows overall strength is likely to bring in sustained buying from the current levels.
Volume: Price and volume analysis plays an important part in determining overall strength or weakness in the stock. Price and volume pattern are moving in the same direction which reflects the true movements in the stock. ASTRAZENECA PHARMA stock has seen the profit booking with thin volume, which still shows the movement of this stock, is still on bull side.
Conclusion:Considering all the above data facts, we recommend buying for short to medium term. The stock has seen decent deliverable quantity to trade quantity on daily basis, which indicates strong hands are accumulating the stock at currents levels, which enhance the confidence over the stock. Traders may go long on the stock around Rs.2940 levels keeping a stop loss below Rs.2500 for target of Rs.4425 level.