HSBC Lowers AstraZeneca Rating After Wainua Phase 3 Miss; Shares Drift Lower
HSBC has downgraded AstraZeneca to Hold from Buy and reduced its price target to 13,750 pence from 16,500 pence following the Phase 3 Wainua trial's failure to meet its primary endpoint. The bank said the setback weakens the upside case, and cited a more volatile and delayed catalyst path that leaves the stock's re-rating contingent on later readou…