AstraZeneca's Breast Cancer Drug Fails Late-Stage Trial, Citi Maintains 'Buy' Rating
AstraZeneca PLC (LSE:AZN) announced that its experimental breast cancer drug camizestrant failed to meet the primary goal in a late-stage trial called SERENA-4. The study tested an oral selective oestrogen receptor degrader for patients with previously untreated advanced breast cancer. Despite this setback, Citi analysts have maintained their 'buy' rating and £178 target price on AstraZeneca's stock. They noted that the market had largely anticipated a negative outcome due to similar failures by competitors like Roche. The bank also highlighted limited downside for shares given current valuations. Citi estimated the trial failure would reduce its valuation of camizestrant by about 2.5%, but this was offset by optimism around an approved use in patients with ESR1 gene mutations. Analysts believe AstraZeneca remains undervalued and expect strong earnings growth through to 2030.
Tickers: $AZN
Topics: analyst rating AstraZeneca breast cancer drug clinical trial failure