5 Best UK Stocks To Buy Now

3. AstraZeneca PLC (NASDAQ:AZN)

Number of Hedge Fund Holders: 47

AstraZeneca PLC (NASDAQ:AZN) is a Cambridge-based company focused on the discovery, development, and commercialization of prescription medicines. On October 27, AstraZeneca PLC (NASDAQ:AZN) announced that its medicine Ultomiris lowered the risk of relapse by 98.6%, compared to placebo, in patients with a type of central nervous system disorder in a phase 3 trial. AstraZeneca PLC (NASDAQ:AZN) is one of the premier UK stocks to consider. 

On October 19, Berenberg analyst Luisa Hector reiterated a Buy recommendation on AstraZeneca PLC (NASDAQ:AZN) but reduced the price target on the stock to 118 GBp from 120 GBp. 

According to Insider Monkey’s data, 47 hedge funds were long AstraZeneca PLC (NASDAQ:AZN) at the end of the second quarter of 2022, compared to 45 funds in the prior quarter. Rajiv Jain’s GQG Partners is one of the biggest stakeholders of the company, with 18.7 million shares worth $1.2 billion. 

Here is what Baron Funds specifically said about AstraZeneca PLC (NASDAQ:AZN) in its Q3 2022 investor letter:

“AstraZeneca PLC (NASDAQ:AZN) is a global pharmaceutical company focused on oncology, respiratory, cardiovascular, and metabolism drugs. Despite incremental positive news flow, shares were hurt by the broader flight out of European stocks and the decline in the British Pound that started late in the quarter. We retain conviction in AstraZeneca given its best-in-class growth profile combined with its strong pipeline and commercial launch characteristics. We highlight breast cancer drugs Enhertu and Dato-DXd as two promising near-term opportunities.”