AstraZeneca Plc has recently received an upgrade from UBS Group AG, changing its rating from sell to neutral. This upgrade marks a shift in analyst sentiment and brings an end to bearish ratings for the pharmaceutical company.

AstraZeneca's stock has experienced a significant decline of around 10% this month, resulting in a loss of over $20 billion in market value. Despite this, AstraZeneca now has 24 buy ratings and seven holds, with no sell ratings remaining.

The recent drop in share price has been attributed to ongoing investigations in China related to alleged illegal importation of cancer drugs and data privacy breaches. However, UBS analyst Matthew Weston remains optimistic, citing recent approvals from the China National Medical Products Administration as an indication of continued long-term support for AstraZeneca in the region. Other firms, such as Nordea Bank Abp and Intron Health, have also upgraded their ratings to buy, suggesting that the recent decline in AstraZeneca's shares may have been exaggerated.