AstraZeneca (AZN) Jumps to All-Time High on Trump Drug Tariff Delay

We recently published 10 Stocks Stealing The Spotlight Today. AstraZeneca PLC (NASDAQ:AZN) is one of the top performers on Wednesday.

AstraZeneca saw its share prices jump to a new all-time high on Wednesday, as investors cheered reports that President Donald Trump delayed the imposition of a 100-percent tariff on all pharmaceutical imports.

A report by Politico quoting a White House official said that Trump delayed the imposition of drug levies, set to take effect today, October 1, as the US government negotiates drug pricing with pharmaceutical giants.

Following the news, AstraZeneca PLC (NASDAQ:AZN) soared to its highest 52-week price of $84.61 before trimming gains to end the day just up by 9.96 percent at $84.36 apiece.

AstraZeneca PLC (NASDAQ:AZN) rallied alongside its counterparts in the US and Europe, helped by Pfizer Inc.’s landmark deal with the US government to lower drug prices for Americans and make them at par with prices in other key developing countries.

Analysts said they expected drugmakers to follow suit in return for lower tariffs on their drugs entering the US.

“We expect EU pharma to follow suit and negotiate with the Trump administration for exemptions,” Lucy Coutts, investment director at wealth managers JM Finn, was quoted as saying in a report by Reuters.

JPMorgan also said that it expects the Pfizer deal to become the bellwether for other drug companies in their negotiation strategies.

While we acknowledge the potential of AZN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.