Why Selecta Biosciences Tumbled 34% Today

After the company reported its gout drug, SEL-212, failed to meet its primary endpoint in a mid-stage clinical trial, shares in Selecta Biosciences (NASDAQ: SELB) traded 33.5% lower on Thursday.

The biotech stock licensed SEL-212 -- a combination of Selecta's synthetic vaccine particles encapsulating rapamycin and pegadricase -- to Swedish Orphan Biovitrum (OTC: BIOVF), or Sobi, earlier this year.

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Source Fool.com