AstraZeneca shares slump after Phase 3 lung cancer drug study

AstraZeneca’s
AZN,
+1.02%

AZN,
-5.82%
shares slumped 6% in premarket trade. The U.K. drugmaker said its datopotamab deruxtecan treatment showed positive results in patients with advanced non-small cell lung cancer in a clinical Phase 3 trial. AstraZeneca said the trial will continue to asses the dual primary endpoint of overall survival. Analysts at UBS pointed out the company did not quantify the progression-free benefit, which it usually does. “We suspect the PFS hazard ratio is acceptable but not great,” they added. AstraZeneca and Daiichi Sankyo
4568,
+0.62%
are jointly developing and commercializing datopotamab deruxtecan.