Aptinyx (NASDAQ:APTX) stock is taking a beating on Tuesday after the company revealed results from a Phase 2 clinical trial.
The bad news here is that this clinical trial failed to show “sufficient efficacy” for the company’s drug. As a result, the company is no longer moving forward with NYX-458 as a treatment for “patients with cognitive impairment associated with Parkinson’s disease and dementia with Lewy bodies.”
To go along with that, Aptinyx also announced that it will undergo “cost-cutting measures to preserve capital.” This could also see it consider strategic alternatives. The company is terminating its Phase 2b clinical trial of NYX-783 in post-traumatic stress disorder (PTSD) as well.
Aptinyx President and CEO Andy Kidd said the following about the study results:
“We are very disappointed that the results of this Phase 2 study did not validate the therapeutic potential observed previously in preclinical studies of NYX-458 in models of cognitive impairment […] We intend to focus our efforts on maximizing the value of our assets, closing our study of NYX-783 in PTSD to enable an early analysis of the data, and exploring strategic alternatives to support the advancement of our NMDA receptor modulation platform.”
What This Means for APTX Stock
The negative study results shine a bad light on APTX stock and investors are responding in kind. This has them selling the company’s shares, which has Aptinyx seeing heavy trading today. As of this writing, about 2.8 million shares have changed hands. That’s well above its daily average trading volume of about 362,000 shares.
APTX stock is down 64.4% in pre-market trading on Tuesday!
There’s even more stock market news traders will want to know about below!
We’ve got all of the most recent stock market news for investors to read about on Tuesday! That includes why shares of Intelligent Living (NASDAQ:ILAG) and Catalyst Biosciences (NASDAQ:CBIO) stock are rising, as well as the biggest pre-market stock movers this morning. You can find all of that at the following links!
More Tuesday Stock Market News
- Why Is Intelligent Living (ILAG) Stock Up 38% Today?
- Why Is Catalyst Biosciences (CBIO) Stock Up 55% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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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.
