Here's Why Shares of Wave Life Sciences Are Imploding Today
Shares of Wave Life Sciences (NASDAQ: WVE), a clinical-stage biopharmaceutical, are plunging after the company closed the doors on its lead program. Suvodirsen flopped in a clinical trial, causing the stock to lose 53.7% as of 12:56 p.m. EST on Monday.
Wave Life Sciences is developing suvodirsen for the treatment of Duchenne muscular dystrophy (DMD), a progressive muscle-wasting disease caused by the lack of a protein called dystrophin that acts as protective sheathing between muscle fibers. During an interim assessment, investigators compared levels of dystrophin found in sample muscle tissue taken before and after treatment. Sadly, suvodirsen failed to make a meaningful difference in dystrophin levels.
The proper analogy for what happened to Wave Life Sciences stock today. Image source: Getty Images.
Source Fool.com
