Teva Pharmaceutical Industries Ltd. shares slid 3% premarket Monday, after the company said a late-stage trial of an asthma treatment failed to meet its main goal. The company said the therapy, subcutaneously administered reslizumab, failed to meet its primary endpoint in two phase 3 studies, one of which focused on reducing frequency of clinical asthma exacerbations and the other of which focused on reducing daily oral corticosteroid dose in patients with OCS-dependent asthma. Teva said that the results were disappointing and that it plans to review the data to figure out follow-up steps. Meanwhile, the company’s intravenous formulation of the therapy continues to have a “positive impact” for patients, Teva Senior Vice President Tushar Shah said. The results are just the latest blow for the beleaguered company, which announced a swathe of cuts — including sweeping layoffs — in a bid for survival late last year. Teva shares have surged nearly 40% over the last three months to $20.70, compared with a 9% rise in the S&P 500 and a 11.8% rise in the Dow Jones Industrial Average .
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