American depositary receipts of
AstraZeneca
were falling Monday after the drugmaker reported disappointing results from a Phase 3 trial of a lung-cancer drug.
AstraZeneca
(ticker: AZN) said in a news release Monday that its drug, datopotamab deruxtecan, compared well to a competitor, docetaxel, in terms of its ability to slow down the progression of lung cancer. However, “for the dual primary endpoint of overall survival (OS), the data were not mature,” the company said.
AstraZeneca ADRs are down 6.5% in Monday trading to $66.90, and were on pace for their largest percentage decrease since November 2021, according to Dow Jones Market Data.
However, the company remained optimistic, and said in the press release that the results provide powerful evidence of the role the drug can play in treating lung-cancer patients.
In a research note Monday, Barclays analyst Emily Field said that investors “had been hoping for the words ‘clinically meaningful’ to be in the press release.”
“We think that it’s certainly far too early to write off Dato-DXd and we like AZN for a number of reasons, so we would view any negative reaction today as a buying opportunity,” Field added. She rates the company’s London-listed stock at Overweight with a price target of 135 pounds.
AstraZeneca’s ADRs have slipped 1.3% this year.
Write to Angela Palumbo at [email protected]
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