KEY TAKEAWAYS

• A Phase 3 trial found AstraZeneca's experimental lung cancer drug datopotamab deruxtecan did not significantly improve patients' overall survival rates.

• The results from the trial showed that the overall survival rate "did not reach statistical significance," the company said.

• AstraZeneca shares fell in early trading Tuesday following the news, before recovering later in the session.

A Phase 3 trial found AstraZeneca's (AZN) experimental lung cancer drug datopotamab deruxtecan (Dato-DXd) did not significantly improve patients' overall survival rates.

The results from the TROPION-Lung01 trial showed the overall survival rate "did not reach statistical significance" in patients with metastatic non-small cell lung cancer, the company said.

AstraZeneca jointly developed the drug with Japan's Daiichi Sankyo.

Drug Was Aimed at Treating Non-Small Cell Lung Cancer

“Despite many efforts to surpass docetaxel with novel approaches in previously treated advanced or metastatic non-small cell lung cancer, patients only survive for about one year," Jacob Sands of the Dana-Farber Cancer Institute and investigator in the trial said.

Docetaxel is the current standard of chemotherapy for adults with advanced or metastatic nonsquamous non-small cell lung cancer.

AstraZeneca shares initially fell following the news Tuesday, before rebounding later in the session. They were little changed at $80.96 as of 11:45 a.m. ET and have gained over 20% since the beginning of the year.

Read the original article on Investopedia.