Vertex Pharmaceuticals (NASDAQ: VRTX) has announced that its Phase 2 trial of its drug VX-814 has been stopped, sending its stock price plummeting.
VX-814 was intended to increase functional levels of alpha-1 antitrypsin, with the trial being used to evaluate its safety.
However, the company announced that it has stopped the trial due to safety concerns after it observed elevated liver enzyme levels.
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“Based on the liver enzyme elevations observed, along with the determination that we would not be able to safely achieve targeted exposure levels with VX-814, we are discontinuing further development of this molecule,” said Carmen Bozic, M.D, the company’s Chief Medical Officer.
Wednesday saw Vertex shares close 1.68% lower. However, they have fallen significantly lower in after-hours trading, down to $238 or -12.33%.
Analysts surveyed by TipRanks still see a potential rise in the stock over the next 12 months, with an average price target at $306.15.
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