Shares in Astrazeneca reached a record high today after the company kicked off September with strong results from two drug trials.
The company’s share price ticked up as much as 3.6 per cent to 7,583p, as it said drug Brilinta, when taken with aspirin, lowered the risk of heart attacks and strokes in several types of patient, including those with diabetes.
Read more: Astrazeneca makes lupus breakthrough
Meanwhile the company released “very strong data” on its Farxiga drug over the weekend, said Deutsche Bank analyst Richard Parkes, who upped his target price on the stock.
The “exceptionally impressive” results of its late-stage trial showed that, when taken on top of standard care, Farxiga could stop heart failure from worsening and reduce cardiovascular deaths in patients with and without diabetes.
“In the near-term, the data should solidify the class as the anti-diabetes treatment of choice in patients with or at risk of heart failure,” Parkes said. The medication could also be used for heart failure patients without diabetes.
It comes after a strong month for Astrazeneca, with several late-stage trials showing positive results. Drugs treating lupus, pulmonary problems and heart conditions have all succeeded, with one lung cancer trial faring less well.
On the back of the trials, share prices have risen nearly 19 per cent since late July.
“Recent financial results show that Astrazeneca has truly turned the corner on its expected return to growth and performance of its new drug portfolio is exceeding expectations,” Parkes told City A.M.
“Looking to the year end, we continue to expect the company to report extensive new data on its portfolio.”