AstraZeneca (NASDAQ: AZN) shares fell in the pre-market trading Tuesday after results from the company’s lung cancer trials showed that its experimental precision drug did not significantly improve overall survival results for patients.
The stock fell 1.12% to $79.98 in pre-market trade.
The overall survival, or OS rates, in the TROPION-Lung01 trial “did not reach statistical significance”, the company said in a presentation at the World Conference on Lung Cancer in San Diego on Monday.
“We expect this update to lead the market to take an (even) more cautious view on Dato TL01 FDA approval by year-end,” analysts at JPMorgan said in a note.
“We believe underperformance would be a good buying opportunity into 2025, where the company has (the) best in sector line-up of late-stage pipeline readouts.”
The late-stage trial has been closely watched by investors and analysts who forecast that the drug, known as Dato-DXd, could potentially be another best-selling medicine for AstraZeneca (NASDAQ: AZN).
The drug belongs to a promising class known as antibody drug conjugates (ADC), which consist of tumor-seeking monoclonal antibodies that are combined with a cell-killing chemotherapy payload. It has been developed jointly with Japan’s Daiichi Sankyo.
The stock was also the biggest faller on London’s main-market index and among the biggest losers on the pan-European STOXX 600 index in morning trade.
(Source: ReutersReuters)
