Shares of Eli Lilly & Co. sank 4.2% in premarket trade Tuesday, after disappointing drug trial results. The company said earlier that a phase 3 trial of its lung cancer treatment Verzenio failed to meet its primary endpoint of overall survival. The company said secondary endpoints of progression-free survival and overall response rate showed evidence of monotherapy activity. Lilly said it would submit the data for presentation at a medical meeting in 2018. “While the outcome is unfortunate for patients with KRAS-mutated, advanced lung cancer, we remain encouraged by the antitumor activity observed with abemaciclib in this form of lung cancer where few clinical advances have been achieved,” said Levi Garraway, senior vice president of global development and medical affairs. The stock has run up 18.4% year to date through Monday, while the SPDR S&P Pharmaceuticals ETF has gained 10.8% and the S&P 500 has rallied 13.7%.
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