AstraZeneca’s share price (LON:AZN) has fallen into the red this morning even as the blue-chip group posted upbeat results from a trial evaluating its oncology treatment Lynparza. The update follows the Anglo-Swedish group’s recent first-quarter results which saw the company disclose that it had benefitted from its new medicines which helped offset a decline in older drugs which have been facing competition from cheaper generics.
As of 08:58 BST, AstraZeneca’s share price had given up 1.47 percent to 5,747.00p, marginally underperforming the broader UK market selloff, with the benchmark FTSE 100 index currently standing 1.11 percent lower at 7,082.41 points. The pharmco’s shares have added more than six percent to their value over the past year, as compared with about an eight-percent fall in the Footsie.
AstraZeneca updates on Lynparza
AstraZeneca disclosed in a statement today that the results from a late-stage trial had showed that its oncology treatment Lynparza had nearly doubled the time patients lived without disease progression from germline BRCA-mutated metastatic pancreatic cancer.
“These unprecedented results raise new hope for patients that have seen little progress over a long period of time,” José Baselga, Executive Vice President, Oncology R&D, commented in the statement, adding that the company was “now working with regulatory authorities to bring Lynparza to patients as quickly as possible”.
The results mark a boost for the Anglo-Swedish pharmco, which has bet on oncology as one of its main therapy areas to propel growth going forward.
Analysts on blue-chip drugmaker
JPMorgan Chase & Co, which rates the Anglo-Swedish pharmco as a ‘buy,’ set a target on the AstraZeneca share price of 7,100p today. According to MarketBeat, the blue-chip company currently has a consensus ‘hold’ rating and an average valuation of 6,480.56p.
In April, Deutsche Bank reaffirmed AstraZeneca as a ‘buy,’ pointing to the pharmco’s ‘strong start’ to the year.