Why BrainStorm Cell Therapeutics Stock Imploded Today
Shares of BrainStorm Cell Therapeutics (NASDAQ: BCLI) fell off a cliff Tuesday, and were down by 67% as of 12:20 p.m. EST after being down by as much as 68.2% earlier in the trading day. Traders are selling off shares of the clinical-stage biotech company following the release of negative top-line results from a phase 3 clinical trial for its leading candidate treatment.
BrainStorm Cell Therapeutics has been developing NurOwn as a potential treatment for amyotrophic lateral sclerosis (ALS), a nervous system disease that causes a progressive loss of muscle control and function. In the phase 3 study, NurOwn failed to achieve statistically significant efficacy results. With that said, it was generally well-tolerated from a safety standpoint, and did demonstrate some encouraging results; BrainStorm Cell Therapeutics says it has not given up on NurOwn yet.
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Source Fool.com
