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Athira Pharma (ATHA) Stock Plunges 65% on Disappointing Drug Trial Results

  • Athira Pharma (ATHA) stock is diving today on poor clinical trial data for fosgonimeton.
  • Fosgonimeton is a drug designed by the company to treat Alzheimer’s disease.
  • Athira's Phase 2 clinical trial missed its primary endpoint.
Packs of blue and pink pills are piled on top of each other representing ATHA Stock.

Source: Shutterstock

Athira Pharma (NASDAQ:ATHA) stock is plummeting on Wednesday following the outcome of a Phase 2 clinical trial of fosgonimeton.

Fosgonimeton is a treatment for Alzheimer’s disease currently being developed by the company. The clinical trial saw Athira Pharma testing the effectiveness of the drug in 77 patients suffering from “mild-to-moderate” Alzheimer’s disease.

Unfortunately for ATHA stock, the clinical trial was unable to meet its primary endpoint. That means it was unable to cause a statistically significant change in Event-Related-Potential (ERP) P300 Latency for those suffering from Alzheimer’s.

The fact the trial also failed to meet secondary endpoints adds salt to the wound today. These endpoints included significant cognitive, “global clinical” and functional changes when compared to a placebo.

Athira Pharma President and CEO Mark Litton isn’t giving up on fosgonimeton just yet, however:

“We are in the fortuitous situation that we have a much larger trial ongoing with more than 200 patients completing at least 20 weeks of treatment providing us with an opportunity to obtain more insights in an expedited manner. Our strong cash position allows us to continue to progress fosgonimeton development.”

ATHA stock is experiencing heavy trading today alongside the recent clinical trial data. This has some 10 million shares on the move as of this writing. That’s well above its daily average trading volume of about 294,000 shares.

ATHA stock is down 67% as of Wednesday morning.

There’s more stock market news for traders to dive into below!

We’ve got all the hottest stock news for Wednesday! That includes what’s happening with shares of Winnebago Industries (NYSE:WGO), Precision BioScience (NASDAQ:DTIL) and Revlon (NYSE:REV) stock today. You can read up on these matters at the following links!

More Wednesday Stock Market News

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/06/athira-pharma-atha-stock-plunges-65-on-disappointing-drug-trial-results/.

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