AstraZeneca’s late-stage trial failure sends its shares down 16% and Bristol-Myers, Merck stocks seesawing

AstraZeneca PLC shares plummeted as much as 16% in premarket trade Thursday after the company said its cancer drug combination failed to meet its primary endpoint in a late-stage clinical trial.

The results could have implications for Bristol-Myers Squibb Co.’s BMY, -3.11% cancer drug combination, sending the company’s shares down as much as 6.2% in premarket trade.

Meanwhile, shares of cancer drug rival Merck & Co. Inc. MRK, +3.06% — which has a key position in the first-line lung cancer market with cancer drug Keytruda — rose as much as 5% in premarket trade.

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