: AstraZeneca shares slump after Phase 3 lung cancer drug study

AstraZeneca’s AZNUK:AZN 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 JP:4568 are jointly developing and commercializing datopotamab deruxtecan.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.