NEW YORK (TheStreet) -- Shares of AstraZeneca PLC (AZN) are higher by 1.98% to $75.71 in mid-morning trading on Friday, as speculation stirs suggesting Pfizer Inc. (PFE) might resume takeover discussions, the Wall Street Journal reports.
The pharmaceutical company rejected the $120 billion bid Pfizer made back in May.
Additionally, shares of AstraZeneca may be getting a boost after the company moved its immune-oncology medicine MEDI-4736 into a mid-stage study of colorectal cancer, Reuters reports.
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The medicine is designed to fight tumors and will be tested in 48 patients with the advanced disease.
Separately, TheStreet Ratings team rates ASTRAZENECA PLC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate ASTRAZENECA PLC (AZN) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."