AstraZeneca share price outperforms LON:AZNas heart drug meets goal in late-stage trial

Shares in AstraZeneca (LON:AZN) have climbed higher in London in today’s session as the blue-chip drugmaker reported that its heart drug Brilinta had met a goal in a late-stage trial with patients with coronary artery disease and type-2 diabetes. The news follows the pharmco’s recent full-year results.

As of 09:36 GMT, AstraZeneca’s share price had added 0.65 percent to 6,199.00p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.13 percent higher at 7,187.61 points. The pharmco’s shares have added a little over 30 percent to their value over the past year, as compared with about a 0.7-percent dip in the Footsie.

Brilinta meets trial goal

AstraZeneca announced in a statement today that a late-stage trial had met its primary endpoint, demonstrating that the pharmco’s heart treatment Brilinta taken in conjunction with aspirin, showed a statistically-significant reduction in a composite of major adverse cardiovascular events compared to aspirin alone. The study was conducted in over 19,000 patients with coronary artery disease and type-2 diabetes with no prior heart attack or stroke. 

The company noted that the preliminary safety results were consistent with the known profile of the treatment.

The study results come after the Anglo-Swedish drugmaker updated investors on its annual performance earlier this month, disclosing that it had returned to sales growth last year, with new medicines helping offset declining sales from its older ‘blockbuster’ drugs which continued to face competition from cheaper generics.  

Analysts on AstraZeneca

Shore Capital reaffirmed AstraZeneca as a ‘buy’ today, while Bryan, Garnier & Co downgraded the company to a ‘neutral’ on Friday. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 6,222.20p.

As of 10:19 GMT, Monday, 25 February, AstraZeneca plc share price is 6,199.00p.