Why PTC Therapeutics Stock Is Plummeting Today
Shares of mid-cap rare disease drugmaker PTC Therapeutics (NASDAQ: PTCT) fell by as much as 12.3% in early morning action today. The biotech's stock is responding poorly to the latest clinical update for the experimental spinal muscular atrophy (SMA) treatment risdiplam. Roche is presently developing the orally administered therapy under a licensing agreement with PTC Therapeutics.
Although risdiplam fared well in terms of its overall efficacy, investors are apparently concerned about some of the adverse effects observed in the trial. Specifically, PTC reported that upper respiratory tract infections, nasopharyngitis, pyrexia, headache, diarrhea, vomiting, and cough were all observed in patients treated with risdiplam. The company was quick to point out, however, that the adverse event profile was similar to placebo.
As of 10:34 a.m. EST, PTC Therapeutics' shares were still down by 8.2%.
Source Fool.com
