Atara Biotherapeutics (NASDAQ:ATRA) stock is falling hard on Thursday after the therapeutics company announced results from a Phase 2 clinical trial.
The bad news for ATRA stock investors is the company’s Phase 2 clinical trial of ATA188 as a treatment for non-active progressive multiple sclerosis failed to meet its primary endpoint. The study didn’t see a confirmed disability improvement (CDI) by expanded disability status scale (EDSS) after 12 months when compared to a placebo.
Atara is going over the data and comparing it to Phase 1 results to determine what comes next for ATA188. The company was caught off guard by a 6% disability improvement from the immunotherapy when compared to a 33% improvement in the Phase 1 trial. It also notes that the placebo group’s improvement was 16%, as compared to the expected 4% to 6% range.
What’s Next for ATRA Stock?
Atara Biotherapeutics says it will significantly reduce its expenses on ATA188 after these clinical trial results. Instead, the company is going to focus more on its differentiated allogeneic CAR-T pipeline. This should extend its cash runway past the third quarter of 2025.
ATRA stock is down 50.4% as of Thursday morning with some 3.1 million shares traded. For comparison, its daily average trading volume is about 1.2 million shares.
Investors that want to know more about all of the hottest stock market news are in luck!
We’ve got all of the latest stock market stories traders need to know about on Thursday! A few examples include what’s happening with shares of JanOne (NASDAQ:JAN) and Intelligent Bio Solutions (NASDAQ:INBS) stock, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the links below!
More Thursday Stock Market News
- Why Is JanOne (JAN) Stock Up 40% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
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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.
