JP Morgan has cut its price target for pharma giant AstraZeneca PLC (LON:AZN) due to caution over the key MYSTIC immuno-oncology trial trial next year.
The US broker is sceptical over the chances of a successful result and with a weak performance from the base business in the third quarter sees the risk/reward ratio almost in balance.
The broker’s target price drops to £46 from £49 and the rating remains hold.
Shares today were 1% lower at 4,256p.