AstraZeneca to halt Epanova trial, expects $100 million compensation

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Epanova is a heart disease drug to treat patients with mixed dyslipidemia. AstraZeneca is intending to stop the trial for the heart disease drug and expects a $100 million (76.92 million pounds) compensation to hit its profit in the fourth quarter. The major British drug maker by market value said the decision, is a sequel to recommendations from a sole data monitoring committee, was due to the low likelihood of Epanova’s benefit to patients with mixed dyslipidemia.

Meanwhile, Mene Pangalos said he is dissatisfied with these results but we remain devoted to addressing the needs of patients in the cardiovascular space where we have an extensive pipeline. Mr. Mene Pangalos is the executive vice president of biopharmaceuticals research and development. According to reports mixed dyslipidemia is described by unusual levels of cholesterol and fatty substances in the blood known as triglycerides.

Also, AstraZeneca added Epanova, which has been approved in the United States to decrease high levels of triglyceride. Nevertheless, Shares in the company commenced half a percentage point lower on the London Stock Exchange, lagging wider gains in the UK market. In another statement, AstraZeneca and Merck maintained that their ovarian cancer drug Lynparza, besides with bevacizumab, was granted preference in its review status in the U.S. Also, a conclusion on its authorization is set for the second quarter of this year.

AstraZeneca (AZN) Surges Higher to Break the Resistance at 7600

AstraZeneca (LSE:AZN)
Resistance levels: 7200, 7400, 7600
Support levels: 6800, 6400, 6200

The stock price of AstraZeneca has been in an upward move. The stock is making a series of higher highs and higher lows. The bull market commenced in July and the stock price rose to a high of 7,600 in August 2019. The stock price in August was resisted and it fell to a low of 6,800. Nonetheless, the bulls made four unsuccessful attempts at the overhead resistance before breaking it. The stock made four higher highs before the resistance was breached.

Meanwhile, the Relative Strength Index (RSI) Period 14 level 65 indicates that the stock is above the centerline 50. In other words, the upward move will continue. The stock rose above the overhead resistance but got stuck at 7,800. The stock retraced but has resumed the upward movement. A break above 7,800 will see the stock rise. The stock upward movement can be interrupted at any point in time. On the downside, a break below the 12-day EMA and the 26-day EMA will signal the resumption of the selling pressure.

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