Shares of Galmed Pharmaceuticals Ltd. plunged 62% to pace all the premarket decliners, after the Israel-based biopharmaceutical company said a phase 2a trial of its treatment for HIV-associated liver disease (Aramchol) failed to meet its primary endpoint. That puts the stock on track to open at a 13-month low. The company said the trial showed no difference between HIV patients receiving Aramchol for 12 weeks and with HIV patients receiving the placebo. “While further analysis is required, the results may mean that the pathogenesis of HIV-related NAFLD is likely different and potentially due to a complex mix of triggers that are both unique to HIV-associated NAFLD and may also have some shared pathways with primary NAFLD,” said Rohit Loomba, the principal investigator of the study. The stock had more than doubled (up 128%) over the past 12 months, while the iShares Nasdaq Biotechnology ETF has rallied 11% and the S&P 500 has gained 14%.
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