Why AstraZeneca Stock Got Thumped on Thursday
(NASDAQ: AZN) might soon be on the hook for an eventual 11-figure payout, and investors weren't all that comfortable with this. A Bloomberg article published Thursday morning said that the company is pursuing what might end up being an expensive partnership with a biotech.
A cautious market traded AstraZeneca stock down by more than 2% following the report, on a day when the S 500 index landed firmly in positive territory with a 0.8% gain.
The article that dinged AstraZeneca was a Bloomberg piece asserting that the company is in discussions with Summit Therapeutics (NASDAQ: SMMT) on a formal partnership.
Source Fool.com
