Shares of Sarepta Therapeutics Inc. they lost more than half of their trading value after Thursday, after the company said a drug candidate produced mixed results in a clinical trial.
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announced that the drug was able to help patients with Duchenne muscular dystrophy produce specific proteins that they do not normally produce due to the disease in the first 12 weeks of treatment. However, the functional changes over a longer period of time – 48 weeks – were not statistically significant compared to a placebo.
“We intend to continue to move forward with diligence and urgency to generate the evidence needed to bring SRP-9001 to waiting Duchenne patients around the world,” Chief Executive Doug Ingram said in a news release Thursday afternoon.
Shares of Sarepta rose more than 50% after post-schedule trading stopped, while the news was announced and executives held a conference call on Thursday. The stock closed on Thursday, up 1.5%, at $ 168.95, but traded at less than $ 80 in the extended session. Sarepta shares have gained almost 30% in the last year, as the S&P 500 SPX index,
gained 15.8%.