Baird analyst Eric Coldwell called Iqvia's (IQV) commitment from AstraZeneca (AZN) to rollout the company's Orchestrated Customer Engagement, or OCE, solution to the company's specialized medicines group in the U.S., which could represent over 5,000 total licenses, a "landmark win" for the offering. He also said it could unfavorably impact shares of competitor Veeva (VEEV). AstraZeneca has about 30,000 sales reps globally and Iqvia expects to compete for the global business, assuming a good U.S. rollout, added Coldwell, who keeps an Outperform rating on the stock. In early afternoon trading, Iqvia shares are up 1% to $148.74 while Veeva has slid nearly 4% to $139.04.

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.