Unity Biotechnology (NASDAQ:UBX) stock is taking a beating on Monday after revealing results from its Phase 2 clinical trial of UBX1325.
UBX1325 is a treatment in development that Unity is testing for use with patients suffering from wet age-related macular degeneration (AMD). Specifically, the study targeted those not seeing benefits from their anti-VEGF therapy.
The bad news for investors in UBX stock is that the study didn’t go well. It failed to meet the non-inferiority threshold when compared to aflibercept after 24 weeks. Despite this, though, the company isn’t giving up on UBX1325 just yet.
Unity Biotechnology Chief Medical Officer Jamie Dananberg said the following about the news:
“Whereas today’s results from the ENVISION study and our Phase 2 BEHOLD study both show encouraging signs of biological activity of UBX1325, the relatively stronger efficacy we observed in DME may be related to the distinct underlying pathophysiologies of the two diseases. We look forward to sharing 48-week data in our BEHOLD DME study in the coming weeks.”
What This Means for UBX Stock
Investors aren’t reacting well to today’s clinical trial results and that has UBX shares taking a beating. Alongside that comes heavy trading of UBX stock with some 4 million units on the move. To put that in perspective, the company’s daily average trading volume is about 255,000 shares.
UBX stock is down 51.8% as of Monday morning.
Investors seeking more of the latest stock market news will want to stick around!
We’ve got all of the hottest stock market news worth knowing about on Monday! A few examples include what has shares of First Citizens Bancshares (NASDAQ:FCNCA) and Nio (NYSE:NIO) stock moving today. You can find out more on these matters at the links below!
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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.