Shares of Sage Therapeutics Inc. sank 24% in active premarket trade Tuesday, pulling back from the previous session’s record close, after the biopharmaceutical company said its treatment of super-refractory status epilepticus (SRSE) did not meet the primary endpoint of a phase 3 trial. Volume to 275,000 shares more than 90 minutes before the open, compared with the full-day average of about 316,000 shares. The company said the secondary endpoint results were “consistent” with the primary endpoint. Status epilepticus is a medical emergency of persistent, unremitting seizure lasting longer than five minutes. The company said it would continue to examine data from the trial in coming weeks, in order to help develop future treatments. “Although we did not meet the primary endpoint, this first-ever trial in a highly variable and complex patient population confirms that research in a critical care unit is possible and deepens our understanding of GABA mechanisms and their effect on brain circuitry,” said Chief Executive Jeff Jonas. The stock had soared 19% over the past three months through Monday, while the iShares Nasdaq Biotechnology ETF had rallied 14% and the S&P 500 had gained 2.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News