Why AstraZeneca plc Stock Broke Down in July
Big Pharma stocks don't usually drop by double-digits over the course of a month, but that's exactly what happened to British pharma giant AstraZeneca plc (NYSE: AZN) in July. Due to the late-stage failure of its lung cancer combination therapy consisting of the checkpoint antibodies Imfinzi (durvalumab) and tremelimumab, Astra's shares dropped by 11% last month, according to S&P Global Market Intelligence.
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Astra's management was banking on Imfinzi transforming into its next flagship medication following the loss of exclusivity for former top sellers like the cholesterol drug Crestor and the respiratory medicine Symbicort. That plan is now in serious doubt, however, in the wake of this pivotal clinical setback.
Source: Fool.com