AZ’s China roller-coaster

An investigation into AstraZeneca China President Leon Wang and AZ staffers current and past has shaved tens of billions of dollars off the pharma’s market cap and made the company’s stock the latest among large caps to be hammered by negative news.

“Seems like all outperforming names to end of August have become extremely vulnerable to any negative news, real or perceived, and investors are shooting first and asking questions later (if at all),” OrbiMed Advisors Partner Trevor Polischuk told BioCentury via email. “We have seen it with LLY, MRK, NOVO, etc. All have had unwarranted, excessive downside moves recently that is more due to positioning rather than fundamentals.”...