Why AstraZeneca plc (ADR) (NYSE:AZN) Shares Are Trading Higher In Pre-Market?

Why AstraZeneca plc (ADR) (NYSE:AZN) Shares Are Trading Higher In Pre-Market?

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AstraZeneca plc (ADR) (NYSE:AZN) shares are trading higher in pre-market on Friday after the company revealed that its durvalumab, its key immunotherapy drug, has demonstrated reduction in risk of third stage lung cancer worsening or driving to deal in a study. This is a reversal of events for the drug maker that announced two days back about the failure of its Tralokinumab meant for asthma exacerbation rate.

AstraZeneca believes that the study results could be a big boost for the product. The company thinks that durvalumab has every potential to become a blockbuster drug as the British firm estimates sales to come in billions of dollars. According to a Reuters report, the drug would have a brand name of Imfinzi. It would work to help the body’s immune cells to kill cancer and offers an alternative to chemotherapy.

The United Kingdom-based firm would looks to get the approval from the regulator as quickly as possible.

A few days back, AstraZeneca indicated in a SEC filing that Tralokinumab was compared with placebo in STRATOS 1, which was the first of two pivotal third stage studies. The trial was in respect of annual asthma exacerbation rate (AAER) in the overall population of severe and uncontrolled asthma patients in comparison with placebo. The company revealed that a clinically-important reduction in AAER was noticed in a sub-population of patients, who have an elevated biomarker associated with higher IL-13 activity. The drug failed to meet primary endpoint.

The stock is trading up 4.34 percent in pre-market on Friday.