Switzerland based pharmaceutical company AC Immune (NASDAQ: ACIU) and its partner Roche Group have announced that its antiTau Alzheimer’s disease drug, semorinemab did not meet its primary endpoint in Phase 2 trials.
The company said that two secondary endpoints were also not met.
“Today’s news is surprising and disappointing, given what we as a field know about Tau and its strong spatiotemporal correlation with both symptoms and pathology in AD,” said Professor Andrea Pfeifer, CEO of AC Immune.
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Pfeifer continued, commenting that the company’s “proven business model of discovery, early development and partnering high-risk therapeutic candidates for AD have successfully generated CHF 334 million in non-dilutive funding and enabled us to accelerate clinical development of our product candidates in collaboration with world-leading partners.
AC Immune shares…
Source: TipRanks
The company’s share price plummeted after the news. It closed Tuesday’s session at $8.72 and has fallen 43.5% premarket down to $4.92 per share.
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However, analysts surveyed by TipRanks see the stock valued at around $14 per share in the next 12 months.
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.
