Ultragenyx to Slash Costs After Angelman Drug Fails Phase 3, Stock Down 45%
RARE is trading near its 52-week low of $18.29 (20% below the low) on elevated volume (2.5× avg).
Summary
Ultragenyx's Phase 3 Aspire trial for apazunersen in Angelman syndrome failed its primary and key secondary endpoints, and the company now plans significant expense reductions while evaluating the program's future. The stock is down 45% after hours at $14.65, near its 52-week low. This follows the FDA approval of GENGLYCOS last month, which had been a major positive, but the Angelman failure removes a key pipeline catalyst. Management says it will focus on expanding the commercial business and aims for profitability next year. Watch for details on the cost-cutting plan and any decision on apazunersen's development.
At the time of this announcement, RARE was trading at $14.57 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $18.29 to $39.89. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.