10 Best UK Stocks to Invest in Now

2) AstraZeneca PLC (NASDAQ:AZN)

Number of Hedge Fund Holders: 49

AstraZeneca PLC (NASDAQ:AZN) is a biopharmaceutical company, which focuses on the discovery, development, manufacture, and commercialization of prescription medicines. It has its headquarters in Cambridge, the United Kingdom.

AstraZeneca PLC (NASDAQ:AZN)’s growth is expected to be led by 3 factors. These are patents, economies of scale, and a powerful distribution network. The company has a strong focus on oncology products and strategic expansion into new therapeutic areas. Its product lineup is anchored by its oncology offerings, with drugs including Enhertu, Tagrisso, and Imfinzi as key differentiators. AstraZeneca PLC (NASDAQ:AZN)’s supplemental New Drug Application (sNDA) for CALQUENCE® (acalabrutinib) was accepted and granted Priority Review in the US for the treatment of adult patients with previously untreated mantle cell lymphoma.

The company has seen numerous product approvals throughout various therapeutic areas. European regulators recommended approval for an endometrial cancer treatment. Also, they have accepted an application for COVID-19 pre-exposure prophylaxis in immunocompromised patients. Furthermore, in China and Japan, Tagrisso has received approval as a first-line treatment for EGFR-mutated advanced lung cancer.

Wall Street analysts remain optimistic about AstraZeneca PLC (NASDAQ:AZN)’s strategic initiatives, which include pursuing strategic acquisitions to bolster its growth prospects. Some of the recent acquisitions are Amolyt Pharma and Fusion Pharmaceuticals. These should enhance AstraZeneca PLC (NASDAQ:AZN)’s portfolio and pipeline. AstraZeneca PLC (NASDAQ:AZN) remains focused on expanding its breast cancer franchise and moving antibody-drug conjugates into earlier lines of therapy in a bid to replace standard chemotherapy.

TD Cowen upped its price target on shares of AstraZeneca PLC (NASDAQ:AZN) from $90.00 to $95.00, giving a “Buy” rating on 12th August. Parnassus Investments, an investment management company, released the Q2 2024 investor letter. Here is what the fund said:

“AstraZeneca PLC (NASDAQ:AZN) gained after announcing robust first-quarter results and setting 2030 targets at an Investor Day that were above consensus expectations. We continue to believe that AstraZeneca’s robust pipeline and industry-leading innovation in oncology should support above-expectation revenue growth for the next several years.”