Immunic (NASDAQ:IMUX) stock is plummeting on Friday after the company reported a high placebo rate in a Phase 1b clinical trial. This trial is currently ongoing, testing the effectiveness of IMU-935 in patients with moderate-to-severe psoriasis. The treatment is being compared with a placebo and the study is blind.
The problem affecting IMUX stock is Psoriasis Area and Severity Index (PASI) reductions in the trial. While Immunic did see its expected reduction from IMU-935, it also unexpectedly saw a similar reduction in the placebo group.
Immunic President and CEO Daniel Vitt, Ph.D., said the following about the clinical trial data:
“Although we did not see the desired activity signal over placebo in this group-level interim analysis, we retain a high degree of conviction on IMU-935’s potential promise in psoriasis and beyond […] We believe IMU-935 holds the potential to provide a safe, efficacious and meaningful treatment option to patients with psoriasis.”
IMUX Stock Shareholders Are Shaken
The effects of today’s data on investors in IMUX stock are easy to see. Heavy trading is taking place as investors sell off shares. As of this writing, more than 11 million shares have changed hands. That’s a massive jump from the daily average trading volume of 2.5 million shares.
To go along with that, shares of IMUX stock are down 76.5% as of Friday morning.
Investors looking for all of the latest stock market news will want to stick around!
We’ve got all of the hottest stock news traders need to know about for Friday. Among that is what has shares of Revlon (NYSE:REV), Verizon (NYSE:VZ) and Plug Power (NASDAQ:PLUG) stock on the move today. You can find out more on these matters at the following links!
More Friday 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.