Hepion Pharmaceuticals (NASDAQ:HEPA) stock is diving on Monday after the biopharmaceutical company announced plans to wind down a clinical trial.
A press release from the company notes that it is winding down its Phase 2b ASCEND-NASH study. The study failed because it couldn’t reach the planned 336 patients. Instead, it reached only 151 patients.
In addition, Hepion Pharmaceuticals is struggling with resources as the company explores strategic alternatives. This doesn’t leave it with enough room to keep the trial going while waiting for more patients to enroll.
Hepion Pharmaceuticals executive chairman John Brancaccio said the following about the news:
“We are disappointed to announce the wind-down of our Phase 2 NASH trial, which we attribute entirely to resource constraints. Given the number of enrolled NASH patients to date and the low probability of generating relevant efficacy data to support a registrational trial with our current cash resources, we have opted to wind down the program and assure that patients are transitioned out of the trial in a safe and compliant manner.”
HEPA Stock Movement Today
With this news comes a 40.5% drop for HEPA stock on Monday morning. Investors will note that the shares were already down 36.2% year-to-date when markets closed on Friday.
This also comes with around 39,000 shares traded. The company’s daily average trading volume is still above that at 75,000 shares.
Investors will find even more of the most recent stock market stories ready to go below!
We are offering insight into the top stock market news for Monday! That includes everything happening with shares of Vaxxinity (NASDAQ:VAXX) stock, OLB Group (NASDAQ:OLB) stock and Moolec Science (NASDAQ:MLEC) stock today. You can find out more on these matters at the following links!
More Stock Market News for Monday
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- Why Is Moolec Science (MLEC) Stock Up 121% Today?
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On the date of publication, William White did not have (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.
