Roche Holding's positive results in a lung cancer trial give the Swiss drugmaker a small win, but it would be premature to claim overall victory, Jefferies analysts say in a research note. Roche's divarasib met the goals in a late-stage clinical trial for a type of lung cancer in patients already treated, but might struggle in the bigger population of previously untreated patients, the analysts say. The study results mean Roche can target a revenue opportunity of between 1 billion and 2 billion Swiss francs, according to Jefferies. "The bigger opportunity would be in the [first-line setting], but that is a whole different ballgame," the analysts add. Success for divarasib in the first-line setting for this type of lung cancer would open up a revenue opportunity of 3 billion to 5 billion francs, Jefferies says. Shares rise 1%. (adria.calatayud@wsj.com)