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Shares of Sarepta Therapeutics Inc. lost more than half of their value in after-hours trading on Thursday, after the company said a drug candidate produced mixed results in a clinical study.
Sarepta SRPT,
announced that the drug has been successful in helping Duchenne muscular dystrophy patients produce specific proteins that they usually do not produce due to the disease during the first 12 weeks of treatment. The functional changes over a longer period – 48 weeks – were not, however, statistically significant compared to a placebo.
“We intend to continue to move forward with diligence and urgency to generate the evidence necessary to bring SRP-9001 to patients awaiting Duchenne across the world,” CEO Doug Ingram said in a press release Thursday. afternoon.
Sarepta shares plunged more than 50% following an after-hours trading halt as the news broke and executives held a conference call Thursday. The stock closed Thursday with a gain of 1.5% at $ 168.95, but was trading for less than $ 80 in the extended session. Sarepta stocks gained nearly 30% last year as the S&P 500 SPX index,
gained 15.8%.
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