Leading shares have started the week and the month on an uncertain note, but AstraZeneca was a strong riser after a positive update on a lung cancer drug.
AstraZeneca said data showed 80% of patients were progression free at nine months in the first-line treatment of non-small cell lung cancer (NSCLC). Patients with the most common type of breast cancer who took a combination of Pfizer’s ibrance and AstraZeneca’s Faslodex lived an average of 9.2 months before their cancer worsened, compared to 3.8 months with Faslodex and a placebo. The news has pushed AstraZeneca’s shares up 75p at 4447.5p, and analysts at UBS said:
At the American Society of Clinical Oncology, Pfizer presented detailed data from PALOMA-3 in second-line hormone receptor positive breast cancer, which showed that Ibrance (Pfizer) plus Faslodex (AstraZeneca) improved progression free survival by more than 5 months versus Faslodex alone. This is not only excellent news for Pfizer and breast cancer patients, but also for AstraZeneca’s Faslodex: PALOMA-3 should not only result in increased use of Faslodex (in combination with Ibrance), but also substantially extend Faslodex treatment duration.
Jefferies said
We were positively surprised by updated data from the Phase Ib study of MEDI4736 (anti-PD-L1) in combination with tremelimumab (anti-CTLA-4; “treme”) in advanced NSCLC presented over the weekend. We believe that the solid efficacy and safety data presented... sets AstraZeneca up with a significant and palpable opportunity.
Overall the FTSE 100 has lost early gains after a slightly weaker than expected UK purchasing manufacturers index for May, up to 52 from 51.8 in April but lower than the 52.5 figure forecast by analysts. Strong domestic demand was offset by weaker exports. It is now down 5.29 points at 6979.14.
Earlier Chinese data showed factory growth edging up to a six month high, but falling export demand. This has put pressure on the mining sector, with Glencore down 5.4p to 282.55p and Anglo American 15.5p lower at 1010.5p.
Investors were also nervous about the continuing confusion over the future of Greece in the eurozone, with yet another crucial week ending in a deadline for the next payment to the International Monetary Fund on Friday.
Elsewhere Paypoint has put on 25.5p to 971.5p as Numis raised its target price from 825p to 895p.
Imagination Technologies has climbed 7.5p to 226.7p after Liberum tipped it as a possible bid target.
Lower down the market Real Good Food is up more than 7% at 46.75p as it said continuing businesses following the sale of its sugar subsidiary Napier Brown were performing well. The £34m disposal has put the group in a strong cash position of around £13.7m before debt facilities.
