Shares of AstraZeneca (AZN) are down 5% after the British pharmaceutical company reported disappointing results from a lung cancer drug trial.
New data showed that AstraZeneca’s experimental drug called “datopotamab deruxtecan” failed to significantly improve survival results for people who have lung cancer.
The late-stage Phase 3 trial results showed that the overall survival rate from the cancer drug “did not reach statistical significance,” said the company in a news release.
The company’s drug was aimed at treating people afflicted with non-small cell lung cancer who did not respond to other existing treatment options.
Analysts and investors had high hopes for the lung cancer drug. AstraZeneca has been searching for a successful medication following its Covid-19 vaccine.
AstraZeneca said that it still plans to seek approval for the lung cancer drug from the U.S. Food and Drug Administration (FDA), although it is not clear if approval will be granted.
Prior to today (Sept. 10), AstaZeneca’s stock had risen 13% this year to trade at 12,220 British pounds ($15,996.75 U.S.) on the London Stock Exchange in the United Kingdom.
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