TLDR
- AZN stock fell nearly 2% in pre-market trading despite positive trial news
- Tezspire met its primary and secondary endpoints in a late-stage eosinophilic esophagitis trial
- The drug reduced inflammation and improved swallowing difficulty compared to placebo
- Tezspire already generated $1.13 billion in sales in 2025 as an approved asthma treatment
- Wall Street holds a Strong Buy consensus on AZN with an average price target of $221.40, implying 33% upside
AstraZeneca stock dropped around 2% in pre-market trading Thursday, even as the company reported that its asthma drug Tezspire hit all its main goals in a late-stage trial for eosinophilic esophagitis.
The drug is developed in partnership with Amgen, whose stock also dipped on the news. Both stocks moved lower despite what was broadly a positive clinical update.
Tezspire met both the primary and secondary endpoints in the trial. The study showed the drug reduced inflammation in the esophagus and made swallowing easier for patients compared to a placebo.
Eosinophilic esophagitis is a chronic inflammatory condition that affects more than 470,000 people in the United States. It can make eating difficult and stressful, with food moving slowly or becoming stuck.
Tezspire works by blocking a protein called TSLP, which drives inflammation linked to eosinophils, a type of white blood cell. The same mechanism targets severe asthma, which is the drug’s current approved use.
AZN noted that nearly half of patients with the condition, including adolescents, do not get adequate control from current first-line treatments. Those options include dietary restriction, swallowed corticosteroids, and proton pump inhibitors.
The drug is already approved in the United States, the European Union, and several other countries as an add-on treatment for severe asthma. It brought in $1.13 billion in sales for AstraZeneca in 2025.
A Rough Year for AZN’s Pipeline
The positive Tezspire data comes after a string of pipeline setbacks for AstraZeneca in 2026. In July, Wainua, a drug developed with Ionis Pharmaceuticals, unexpectedly failed a trial for transthyretin amyloid cardiomyopathy, a serious heart disease.
A late-stage study of rare disease drug Ultomiris also failed. In May, a U.S. regulatory panel rejected breast cancer drug camizestrant over concerns about trial design.
This month, AZN halted a study into lung cancer drug volrustomig after concluding it was unlikely to meet its targets.
AZN stock is down 3.63% year-to-date heading into Thursday’s session.
What Analysts Are Saying
Despite the pipeline difficulties, Wall Street remains broadly positive on the stock. AZN holds a Strong Buy consensus on TipRanks, based on 12 Buy ratings, 1 Hold, and 1 Sell.
The consensus price target sits at $221.40, implying a 33% upside from current levels. The highest price target on the street is $275.35.
The Tezspire esophagitis result could help strengthen the drug’s commercial case, given that its 2025 asthma sales already cleared $1 billion.
AstraZeneca has not yet announced a timeline for regulatory submissions based on the new trial data.
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