Cortexyme Inc (NASDAQ: CRTX) stock price plunged 68% after reporting disappointing results from an experimental trial of its oral Alzheimers drug, which failed to meet its primary end goals.
The study failed to improve cognitive and functional abilities in patients who have mild-to-moderate Alzheimer’s.
The drug known as atuzaginstat is designed to attack the P. gingivalis bacteria commonly found in patients with Alzheimer’s who tend to lose their memory.
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The study carried out on 643 patients failed to meet the statistical significance of its end goals as measured according to two crucial criteria.
While the drug showed a 57% reduction in cognitive decline as measured by a typical test, it failed to register similar results on a different scale, typically used by a patient’s caregivers.
Still, the company noted that the drug did reduce the number of bacteria in the brain, which contributed to some of the positive outcomes reported at the end of the trial.
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Cortexyme said it would submit the data to health regulators and wait for their feedback on how best to proceed.
Alzheimer’s treatments have come under intense scrutiny ever since the Food & Drug Administration (FDA) approved Biogen’s Aduhelm drug in June.
Cortexyme shares were trading near their daily lows at publishing a few minutes to the open, with no indications that the shares could recoup their losses any time soon.
*This is not investment advice.
Cortexyme stock price.
Source: Tradingview
Cortexyme stock price plunged 68% to trade at $17.40, falling from Tuesday’s closing price of $57.68.
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Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.
