Praxis Precision Medicines (NASDAQ:PRAX) stock is taking a beating on Monday following the release of results from a recent clinical trial.
According to a press release from Praxis Precision Medicines, the results from its PRAX-114 Phase 2/3 Monotherapy Aria Study were disappointing. The company notes it didn’t meet its primary endpoint of statistical improvement on the 17-item Hamilton Depression Rating Scale.
Marcio Souza, president and CEO of Praxis Precision Medicines, said the following about the clinical trial results:
“We are surprised and disappointed in the Aria Study results … PRAX-114 was well-tolerated in the Aria Study, yet the effect did not deliver to meet the needs of patients.”
Praxis Precision Medicines notes these results mean major changes for the company. That includes laying off staff and realigning its business. This will have it focusing on PRAX-944 and PRAX-562 instead.
PRAX stock is seeing heavy trading today alongside the clinical trial news. This has more than 11 million shares of the stock changing hands as of this writing. That’s well above its daily average trading volume of about 329,000 shares.
PRAX stock is down 65.2% as of Monday morning.
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On the date of publication, William White did not have (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.
