Deutsche Bank downgrades AstraZeneca to 'sell'
By Michele Maatouk
Date: Thursday 16 Oct 2025
(Sharecast News) - Deutsche Bank downgraded AstraZeneca to 'sell' from 'hold' on Thursday and cut the price target to 10,500p from 11,500p as it said it was turning sceptical on SERENA-4.
SERENA-4 is a phase 3 comparison of AZD9833 (camizestrant) plus palbociclib, versus anastrozole plus palbociclib, for patients with ER-positive, HER2-negative advanced breast cancer who have not previously received systemic treatment for advanced disease.
DB said that since upgrading AZN to 'hold' during the company's China episode, it has stayed somewhat cautious on a name that has remained a consensual favourite among investors.
"Here, with AZN at the top of its recent (price) trading range, we take the opportunity to turn more explicitly negative: at 17x FY26 PE the stock is admittedly only around the mid-point of its 13-24x decade multiple range," the bank said.
"It is however beyond the HER2/TROP2 pipeline heydays in our view and much closer to material patent pressures (starting with Farxiga in H126).
"More importantly, we trim our PT -5% to £105 (implied FY26 PE 14x, in line with the peer group) on reduced confidence in the pipeline outlook following our deep dive into the breast cancer space: specifically, our conclusion that the SERDs (including AZN's camizestrant) are unlikely to show meaningful benefit over current standard of care in all-comers."
At 1010 BST, the shares were down 1.2% at 12,498.p.
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