Why Is Virios Therapeutics (VIRI) Stock Down 71% Today?

  • Virios Therapeutics (VIRI) stock is falling alongside recent clinical trial data.
  • IMC-1 missed its primary endpoint in treating fibromyalgia.
  • This now has heavy trading dragging VIRI stock.
VIRI Stock. Various graphical representations of medical imagery are shown in front of a doctor using a tablet computer. DNA stock

Source: Shutterstock / PopTika

Virios Therapeutics (NASDAQ:VIRI) stock is falling hard on Monday after the company revealed results from its Phase 2b study of IMC-1 in fibromyalgia.

IMC-1 is a treatment in development by the company for people suffering from fibromyalgia. The bad news is that the study didn’t result in statistical significance for its primary endpoint of “daily self-reported average pain severity scores.”

However, Virios did include some interesting findings from the clinical trial. That includes better pain management in the second half of the trial compared to the first. Virios notes that the first half of the trial was when Covid-19 vaccinations were not yet in full swing; the second half took place after vaccination rates had increased.

Virios Therapeutics also notes that IMC-1 was well tolerated during the clinical trial. This saw just 4.6% of patients taking IMC-1 drop out due to adverse events. For comparison, 8.1% of placebo patients dropped out of the study.

Virios Therapeutics Isn’t Giving Up on IMC-1

Virios Therapeutics CMO R. Michael Gendreau said the following in a news release:

“Overall, the efficacy data from this trial were not what we had expected […] We will continue to explore IMC-1’s potential as a viable FM treatment option. We would like to thank all of the investigators and patients who participated in FORTRESS for their support of this important research.”

Trading volume for VIRI stock is heavy today on the clinical trial results. Over 1 million shares are on the move as of this writing. That’s a major increase compared to the daily average trading volume of about 27,000 shares.

VIRI stock is down 71% as of Monday morning.

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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/2022/09/why-is-virios-therapeutics-viri-stock-down-71-today/.

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