Pharmaceutical stocks are highly volatile and can either reward shareholders greatly or create notable losses.
Thursday’s trading session provided an example of this phenomenon as shares of Rigel Pharmaceuticals (NASDAQ: RIGL) lost more than 15 percent while shares of Abeona Therapeutics (NASDAQ: ABEO) gained more than 12 percent.
Here is what happened to both companies.
Rigel Pharmaceuticals Announces Poor Clinical Trial Results
Rigel Pharmaceuticals, a clinical stage biotechnology company that focuses on the development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology, announced disappointing results from a Phase 3 clinical study.
The company announced results for itse second double-blind study in an going trial called FIT which examines its therapy called fostamatinib for the treatment of chronic/persistent immune thrombocytopenia.
The study’s objective was to demonstrate a stable platelet response. Unfortunately, one patient in the placebo group (representing four percent of the population) achieved a stable platelet response. As such, the end results of the study between patients who received the company’s therapy and those who received a placebo failed to show a statistical significance so the study failed to reach its objectives.
However, the company argued that when data from both double-blind studies are combined a statistical significance can be seen and demonstrates consistent benefits for the patients.
Abeona Therapeutics Provides Clinical Update
Abeona Therapeutics, a clinical-stage bio-pharmaceutical company that focuses on developing therapies for life-threatening rare genetic diseases, announced an update to an ongoing Phase 1 / 2 update for an ongoing clinical trial for its therapy called ABO-102.
ABO-102 is an adeno-associated viral based gene therapy for subjects suffering from Sanfilippo syndrome. The ongoing clinical study is designed to evaluate the safety of its therapy and observe preliminary indications of efficacy.
After 30 days, the company found that its therapy was well tolerated in subjects with no treatment related adverse events or serious adverse events. As such, the company will begin enrolling patients with it’s therapy but at a higher dosage level.
In addition, after 30 days all of the subjects experienced a reduction in baseline in urinary HS and CSF which suggests that the company’s therapy crossed the blood brain barrier after intravenous administration.