Why BioCryst Pharmaceuticals Stock Is Sinking Today
Shares of BioCryst Pharmaceuticals (NASDAQ: BCRX) were sinking 11.3% as of 11:33 a.m. EST on Tuesday. The decline came after the company announced results from the first part of a clinical study evaluating galidesivir in treating COVID-19 patients. BioCryst stated that it expects the National Institute of Allergy and Infectious Diseases (NIAID), which is providing significant funding for the study, to discontinue testing the experimental drug in treating COVID-19.
BioCryst went out of its way to underscore the fact that the clinical trial evaluating galidesivir wasn't designed to show efficacy in treating COVID-19 patients. The focus of the study was on safety. On that count, the experimental drug appeared to fare pretty well.
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Source Fool.com
