Immunic (NASDAQ:IMUX) stock is falling hard on Thursday after the company released results from a Phase 2 clinical trial.
Immunic points out that the clinical trial of oral inhibitor vidofludimus calcium failed to meet its primary endpoint. The company was testing against a placebo to determine the effectiveness in treating patients suffering from moderate to severe ulcerative colitis.
What does this mean for the future of vidofludimus calcium? Daniel Vitt, Ph.D., CEO of Immunic noted the following.
“Putting the CALDOSE-1 data in context with the wealth of compelling opportunities we have across our clinical development portfolio, we do not intend to move forward with phase 3 development of vidofludimus calcium in UC on our own.”
Investors aren’t reacting positively to news of the missed primary endpoint. As a result, we’re seeing heavy trading of IMUX stock today as traders sell their shares. This has some 22 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is only about 254,000 shares.
IMUX stock is down 42.7% as of Thursday afternoon and 68.5% since the start of the year.
Investors seeking out more of the latest stock market news will want to keep reading!
We have got all of the most recent stock market coverage that traders need to get through Thursday! A few examples of that include why Redbox (NASDAQ:RDBX) stock is rising, insider buying at SoFi (NASDAQ:SOFI) and a new price target for Rivian (NASDAQ:RIVN) shares. You can get up to speed on these topics at the following links!
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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.
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