PTC Therapeutics, Inc. (NASDAQ: PTCT)
While the market hasn't opened quite yet, PTC Therapeutics isn't likely to have the best of days during trading today. In fact, we're expecting big declines, far and beyond what we're seeing in the pre-market trading hours. Below, we'll talk about what we're seeing, why, and what we'll be watching for ahead with regard to PTCT.
What We're Seeing From PTCT
As mentioned above, PTC Therapeutics isn't likely to have the best of days in the market today. In fact, chances are that the stock is going to run into some major headwinds. In pre-market trading, it's already well into the red, following up on yesterday's losses. However, things are likely to get worse. Nonetheless, at 5:33 this morning, the stock was halted at $12.60 per share after a loss of $0.58 per share or 4.40%.
Why The Stock Is Falling
As is usually the case, our partners at Trade Ideas were the first to send the alert that PTCT was having troubles. As soon as we received the alert, the CNA Finance team started digging to see exactly what was causing the movement. It didn't take long to uncover the data. Ultimately the declines and resulting halt are all the result of a failed clinical trial.
Early this morning, PTC Therapeutics released data from a Phase 3 clinical trial assessing ataluren in nonsense mutation cystic fibrosis. Unfortunately, the study failed to achieve both it's primary and secondary endpoints. As a result, the treatment development is now terminated. In a statement, Stuart Peltz, Ph.D., CEO at PTCT, had the following to offer...
“We are disappointed with the outcome of this trial as there are no treatments that target the underlying cause of nonsense mutation cystic fibrosis, one of the most difficult forms to treat. We are particularly grateful to patients and investigators who participated in our trials. We remain committed to patients receiving ataluren in other indications.”
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PTCT. In particular, we're interested in watching the company's next steps following today's news. Nonetheless, we'll be keeping a close eye on the news and bringing it to you as it breaks!
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