According to a press release from Synlogic, this decision comes after an internal review of the clinical trial’s progress. This found that labafenogene marselecobac is unlikely to meet its primary endpoint as a treatment for phenylketonuria.
Synlogic President and CEO Aoife Brennan said the following about the company’s decision:
“It is with a heavy heart that we share this news, and our resulting decision to end Synpheny-3. Based on the program’s progress and data to date, we had expected the study to demonstrate the potential for SYNB1934 to provide an important new treatment option for those affected by PKU.”
What’s Next for SYBX Stock?
The future of Synlogic is unclear as the company also announced plans to explore strategic alternatives. That’s a major red flag, as it puts the company on the path to liquidation.
Adding to that is Synlogic ceasing its current operations and laying off 90% of its employees. That includes Brennan giving up the President and CEO roles while also resigning from its Board of Directors.
With this news comes heavy trading of SYBX stock as traders sell their shares. That has more than 116,000 shares changing hands as of this writing. This is already above the company’s daily average trading volume of about 48,000 shares.
SYBX stock is down 55.1% as of Friday morning.
Investors seeking out even more of the most recent stock market stories are in luck!
We have all of the hottest stock market coverage traders need to know about on Friday! A few examples include what’s happening with Intelligent Living Application (NASDAQ:ILAG) and Next eGo (NASDAQ:EGOX) stock as well as the biggest pre-market stock movers this morning. You can find out all about these topics at the following links.
More Friday Stock Market News
- Why Is Intelligent Living Application (ILAG) Stock Up 78% Today?
- Why Is Next eGo (EGOX) Stock Up 116% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
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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.