Why Sarepta Therapeutics Stock Is Crashing Today
Shares of Sarepta Therapeutics (NASDAQ: SRPT) were crashing 43.6% lower as of 11:10 a.m. ET on Tuesday. The huge sell-off came after the company announced top-line results from its phase 3 Embark study evaluating Elevidys in treating young patients with Duchenne muscular dystrophy (DMD).
Sarepta said that the primary endpoint of the late-stage study wasn't met. Patients receiving Elevidys saw a 2.6-point improvement on the North Star Ambulatory Assessment (NSAA) total score 52 weeks after treatment. However, that wasn't statistically significant compared to the improvement experienced by patients receiving placebo.
You might expect Sarepta's management team to express disappointment over Elevidys failing to meet the primary endpoint, but CEO Doug Ingram actually sounded upbeat. Ingram stated in a press release announcing the results that Sarepta plans "to move swiftly to request an update to expand the labeled indication to treat all patients."
Source Fool.com
