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AstraZeneca share price: Group posts upbeat results from Lynparza trial

A late-stage trial has showed that AstraZeneca’s (LON:AZN) oncology treatment Lynparza cut risk of disease progression or death by 70 percent in patients with newly-diagnosed, advanced BRCA-mutated ovarian cancer, the blue-chip drugmaker has said. The news marks a boost for the Anglo-Swedish group and comes after a committee of the European Medicine Agency issued a positive opinion for the group’s respiratory treatment Bevespi Aerosphere last week.

AstraZeneca’s share price has been little changed in London in today’s session, inched 0.17 percent higher to 5,944.00p as of 09:36 BST. The advance is largely in line with gains in the broader UK market, with the benchmark FTSE 100 index currently standing 0.21 percent higher at 7,064.78 points.

AstraZeneca unveils Lynparza results

AstraZeneca and Merck unveiled today detailed results from a late-stage trial testing Lynparza (olaparib) tablets as a maintenance treatment for patients with newly-diagnosed, advanced BRCA-mutated (BRCAm) ovarian cancer who were in complete or partial response following 1st-line standard platinum-based chemotherapy. The trial results confirmed the statistically-significant and clinically-meaningful improvement in progression-free survival for the treatment compared to placebo, reducing the risk of disease progression or death by 70 percent.

The treatment, co-developed and commercialised with MSD, is already approved for advanced ovarian cancer and metastatic breast cancer.

Deutsche Bank weighs in on update

Proactive Investors quoted Deutsche Bank as commenting that the successful trial of Lynparza further increased its ‘buy’ conviction for AstraZeneca. The analysts further raised their price target on the shares from 6,400p to 6,500p.

“We believe impressive data from AstraZeneca’s SOLO-1 trial of Lynparza in 1L BRCAm ovarian cancer is significantly better than expectations and makes Lynparza consensus forecasts for sales of US$1.7 billion in ‘22 look too conservative,” the broker pointed out, as quoted by the newswire.

As of 10:04 BST, Monday, 22 October, AstraZeneca plc share price is 5,949.00p.

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