Why Is Eiger BioPharmaceuticals (EIGR) Stock Down 31% Today?

  • Eiger BioPharmaceuticals (EIGR) stock is down after ending a clinical trial.
  • This was its Phase 3 LIMT-2 study of peginterferon lambda as a chronic hepatitis delta (CHD) treatment.
  • The trial halt comes after four patients experienced liver decompensation.
EIGR Stock - Why Is Eiger BioPharmaceuticals (EIGR) Stock Down 31% Today?

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Eiger BioPharmaceuticals (NASDAQ:EIGR) stock is falling on Wednesday after the biopharmaceutical company halted a Phase 3 clinical trial.

According to a press release from the company, it has discontinued its Phase 3 LIMT-2 study. This clinical trial was testing the use of peginterferon lambda as a treatment for patients suffering from  chronic hepatitis delta (CHD).

Eiger says it decided to stop the study after a quarterly safety review from the Data Safety Monitoring Board (DSMB). This decision was reached after four patients with hepatobiliary events experienced liver decompensation.

David Apelian, CEO of Eiger BioPharmaceuticals, said the following in the news release announcing the study halt:

“As we look toward the future for Eiger, we will continue to execute on our strategic pivot, announced on June 29 of this year, and seek the financial resources required to advance the Company’s development activities on avexitide in hyperinsulinemic hypoglycemia indications. We continue to evaluate strategic partnering options for our virology assets. Eiger is no longer in active discussions with potential partners for a worldwide license for peginterferon lambda.”

EIGR Stock Movement Today

Following today’s announcement, shares of EIGR stock aren’t seeing much activity. As of this writing, about 49,000 shares have changed hands. For the record, the company’s daily average trading volume is about 445,000 shares.

EIGR stock is down 30.9% as of Wednesday morning.

Investors seeking out even more of the most recent stock market news will want to stick around!

We’ve got all of the latest stock market news that traders need to know about on Wednesday. A few examples include why shares of Calidi Biotherapeutics (NYSE:CLDI) stock, Avalo Therapeutics (NASDAQ:AVTX) and Novo Nordisk (NYSE:NVO) stock are moving today. All of that news is available 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.

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