AstraZeneca shares fall as Pfizer walks away
LONDON, May 27 (Reuters) - Shares in AstraZeneca (EUREX: AZNF.EX - news) fell 2.4 percent in early trade on Tuesday after U.S. drugmaker Pfizer (NYSE: PFE - news) said it would not make a formal bid to acquire its smaller British rival.
Societe Generale (Paris: FR0000130809 - news) analyst Stephen McGarry downgraded the stock to "sell" from "hold" on the news, setting a price target of 36 pounds a share. (Reporting by Ben Hirschler; editing by Kate Holton)