AstraZeneca plc (ADR)  (Public, NYSE:AZN) the U.K.'s second-largest drugmaker is just $2 away from their 52-week low yet they have 10 drugs in Phase 3 Trials and their lineup of 12 drugs rake in more than $1 billion a year in revenue.  So what's the deal?

In the last year shares of AZN are down 32% and after trading in the mid $40's in January shares hit a new low this month at $35.03 and have managed to get back $2 to close Friday at $37.63.  Then again, what stock hasn't tanked since the start of the year?

On Wednesday (3/19) HSBC upgraded AstraZeneca Plc (AZN) from "neutral" to "overweight."  Deutsche Securities still has a "Buy" on the stock but lowered it's target price back in February from $55 to $51.  So from the analyst community, AZN is trading at a decent value with respect to the doom and gloom market.

AZN doesn't get much attention from U.S. press, both online and print, so if you haven't heard of them, join the crowd. The stock has been beat down because AstraZeneca needs new products to boost revenue as generic drugmakers threaten sales of some of its biggest medicines. They have three lawsuits pending against companies seeking to sell copies of ulcer treatment Nexium, its best- selling product. Shire last year got $1 billion from Adderall XR, an attention deficit hyperactivity disorder therapy that it sells alongside similar medicines Vyvanse and Daytrana.

AstraZeneca last year took on debt for the first time to fund the $15.2 billion purchase of U.S. biotechnology company MedImmune Inc. AstraZeneca paid about 11 times MedImmune's sales, a price that failed to impress analysts and investors. The stock has fallen about 37% since the AZN announced the takeover in April.

Then there's Shire (SHPGY), they are an England drug maker, with substantial U.S. operations based just outside of Philadelphia, their shares have jumped in the past few weeks on hopes that a bidding war will develop between the world's largest pharmaceutical, Pfizer (PFE), and AstraZeneca (AZN).

So what to do with AZN shares?

Fellow Masters, AstraZeneca's pipeline is huge, just take a look at their website and if they manage to get a drug or two approved and some positive press, it's game on for AZN shares.  Pharma stocks are a tough call during these turbulent times and if it's not for you, then pass.  But do keep AZN on your watch list, there's plenty of time to get in on this stock and with the way things are going, shares could fall right back under $35.

Disclaimer: The Author has no positions in AZN.