AstraZeneca share price: FDA cautious on company’s diabetes drug

on Dec 10, 2013
Updated: Oct 21, 2019
Listen, Tuesday, December 10: The US Food and Drug Administration (FDA) has said that it is not confident about the merits of dapagliflozin — a diabetes drug developed by UK pharmaceutical giant AstraZeneca

(LON:AZN) and its US peer Bristol-Myers Squibb’s (NYSE:BMY).
It was not possible to conclude with confidence that the purported cardiovascular benefit associated with using the drug outweighed “the observed imbalance in specific malignancies or potential liver toxicity risks”, the FDA staff remarked today. The agency’s observations were posted on its website ahead of a planned meeting tomorrow by a panel of medical experts, who will advise the FDA on the drug.

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***AstraZeneca donates fish lab to Plymouth University***
In a separate development AstraZeneca revealed today that it had donated a pioneering laboratory that measures the impact of discarded medicines on fish and crustaceans to Plymouth University after the drugs company deemed it commercially unviable.
AstraZeneca has agreed to hand over the building, together with its equipment free of charge, but the university is not taking on the company’s staff, so its exit will still lead to the loss of 70 scientific jobs. Plymouth University hopes to turn the lab into an academic centre of excellence for research into aquaculture, coastal geography and sea life.

The lab, on the seafront in the south Devon town of Brixham, has been a specialist centre for marine research since 1948, when it was opened by ICI. However, AstraZeneca CEO Pascal Soriot, who wants to sharpen AstraZeneca’s focus on developing new drugs to bolster the group’s thin development pipeline, recently announced that the loss-making facility was to close.

Steve Rumford, head of environment of AstraZeneca, was quoted by The Times as saying: “Operating an environmental research laboratory is not a core part of AstraZeneca’s strategy. However, our aim has been to ensure the lab and its state-of-the-art facilities remain in use for scientific purposes.”

***AstraZeneca share price***
Shares in AstraZeneca, which last week received EU approval for its child flu vaccine Fluenz Tetra (AstraZeneca share price: drug maker receives EU approval for child flu vaccine), have fallen just over one percent so far today.
According to AnalystRatingsNetwork data, 13 research analysts have a ‘sell’ rating for the stock, 15 have a ‘hold’ rating and four have a ‘buy’ rating. The stock’s average rating is ‘hold’ with a consensus price target of 3,047.84p.
**As of 13:29 UTC, buy AstraZeneca shares at 3,439.00p**
**As of 13:29 UTC, sell AstraZeneca shares at 3,438.00p.**
**As of Monday, December 9, buy Bristol-Myers Squibb shares at $51.50.**
**As of Monday, December 9, sell Bristol-Myers Squibb shares at $51.21.**
Trade stocks with Hargreaves Lansdown from £5.95 per deal.
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