Sarepta Therapeutics Inc. Shares lost more than half their value in Thursday trading after the company said a drug candidate produced mixed results in a clinical study.
Announced that the drug Duchenne managed to help patients with muscular dystrophy that they produce specific proteins that do not usually arise due to disease in the first 12 weeks of treatment. However, functional changes over a longer time period – 48 weeks – were not statistically significant against a placebo, however.
“We want to continue to move forward with diligence and readiness to gather the necessary evidence to bring SRP-95 for patients waiting around the world,” Chief Executive Doug Ingram said in a news release Thursday afternoon.
Serepa’s shares stalled after more than 50% of pigeon trading after the news was announced and officials held a conference on Thursday. The stock closed up 1.5% at $ 168.95 on Thursday, but was trading for less than $ 80 in the extended session. Sarepta’s shares have risen nearly 30% in the past year, as the S&P 500 Index SPX,
An increase of 15.8%.