By Colin Kellaher
Sage Therapeutics shares tumbled in premarket trading Wednesday after the biopharmaceutical company threw in the towel on dalzanemdor following the drug candidate's latest study failure.
Sage shares, which closed Tuesday at $4.91, were recently down 26% to $3.62 in premarket trading.
The company on Wednesday said a Phase 2 study of dalzanemdor missed its goals in patients with cognitive impairment associated with the brain disorder Huntington's disease.
Based on these results, the company does not plan further development of dalzanemdor.
Sage earlier this year reported similar Phase 2 study failures of dalzanemdor in Alzheimer's and Parkinson's diseases, and the Cambridge, Mass., company last month slashed a third of its workforce.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 20, 2024 06:59 ET (11:59 GMT)
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