The shares of healthcare company AstraZeneca (AZN.UK) are losing more than 4.5 per cent and have suffered their biggest daily fall since 2021 as details surrounding the company's lung cancer treatment are lacking.
The drug helped patients with the most common form of lung cancer live longer without worsening their overall health compared to standard chemotherapy, the company announced today. However, investors had expected a clearer statement on the trial's success in terms of progression-free survival, as well as by how much overall life expectancy is extended.
As Jefferies analysts report, it was the lack of detailed data that failed to meet market expectations. Furthermore, several people on the treatment have died, raising concerns about the safety of the product. At the moment, detailed data on this topic is unknown.
Dato-DXd, the company's proprietary formulation, is primarily designed to attack cancer cells directly and not in general as is the case with general chemotherapy. Market consesnus assume that a successful launch of the solution could generate an additional USD 19 billion in revenue for the company. Despite today's declines, bank analysts are reiterating their 'buy' ratings on the company's shares.
Astra Zenca (AZN.UK) is trading below the lower limit of the uptrend today. Source: xStation 5
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