Shares of Sarepta Therapeutics (NASDAQ:SRPT) stock are getting crushed to start the day on Friday.
The negative move comes after the biotechnology company reported negative results from part one a study regarding its gene therapy for Duchenne Muscular Dystrophy (DMD). DMD is a very rare disease that is found mostly in males, and can weaken muscles beginning at a young age.
Moreover, according to the release, the study “did not achieve statistical significance on the primary functional endpoint of improvement in NSAA total score compared to placebo at 48 weeks post-treatment.”
Overall, the study featured 41 patients with DMD. Despite the negative results from part one, the company also said that it is “ongoing.” All 41 participants are now moving onto phase 2, and all “will undergo another biopsy at week 12 in Part 2 to assess expression and biological markers, in addition to longer-term assessments of functional outcomes.”
Doug Ingram, president and chief executive officer of Sarepta, said this about the SRPT stock news:
Study 102 reinforces our confidence in the potentially transformative benefits of SRP-9001…[it] remains blinded and we will analyze the functional results for all patients, including cross-over participants, once they have achieved the 48-week timepoint in Part 2.
SRPT stock was down nearly 50% as of Friday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.