AstraZeneca (AZN) NewsBite - AZN Shares Jump After Winning Patent Fight

Posted on Wednesday, July 02, 2008 9:50 AM

AstraZeneca (AZN) opened at $44.63. So far today the stock has hit a low of $44.56 and a high of $44.73. AZN is now trading at $44.61, up 1.19 (2.74%). After hitting a one-year high of $56.60 last July, the stock hit a one-year low of $35.03 in March. Shares of AZN are rising this morning after the company won a summary judgment which blocks the sale of a generic version of AZN's anti-psychotic drug Seroquel. The drug is AZN's second-best-selling product. Technical indicators for AZN are neutral and improving, while S&P gives the stock a neutral 3 Stars (out of 5) Hold rating. For a hedged play on this stock, consider an October bull-put spread below the $35 range. AZN hasn't been below 35 at all in the past year. The stock could lose up to 21.3% before this trade runs into trouble. [LHF- Seven Summits Strategic Investments NewsBite]