Laekna, a biotechnology company focused on developing innovative therapies, saw its stock price plummet 5.08% in Wednesday's intraday trading session. The decline comes despite the company's announcement regarding the progress of its phase I clinical trial for LAE102, a monoclonal antibody targeting ActRIIA.

According to the company's filing with the Hong Kong stock exchange, the phase I trial is progressing effectively, with all 64 subjects across eight groups receiving intravenous and subcutaneous injections of the single ascending dose study. However, this update appears to have fallen short of investors' expectations, leading to a significant sell-off in the company's shares.

While LAE102 holds promise as a potential treatment for muscle regeneration and lipid metabolism disorders, the lack of additional details or positive data points from the phase I trial seems to have dampened investor enthusiasm. It is worth noting that early-stage clinical trials are primarily focused on evaluating safety and tolerability, with efficacy data typically emerging in later stages.