Astrazeneca’S Dramatic Proportion Dive Amid Drug Trial Setback ‘Now Not Justified’, Says Megastar Stock Picker

“The investment case for AstraZeneca is about so much more than this one trial.
AstraZeneca saw more than £10 billion ($13.08 billion) wiped off its market value on Thursday, yet one of Britain’s most influential investors argued the pharma giant’s investment case remains “very, very attractive.
Results of the ‘Mystic’ study showed a combination of two injectable immunotherapy drugs were no more effective at shrinking tumors in patients with advanced lung cancer than chemotherapy.
“Shares in the ailing Anglo-Swedish pharmaceuticals group tumbled almost 16 percent Thursday, hitting its lowest level in five months after the firm announced the failure of a high-profile medical study.
Across a broad spread of disease areas, the company is developing new ground-breaking therapies which have significant commercial potential,” Neil Woodford, a top AstraZeneca shareholder and one of the U.K.’s best-known fund managers, said in a blog post late Thursday.

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