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Shire Plc (SHPGY) Is Down Sharply On Disappointing Study Results

3/30/2012 10:06 AM ET

Shire plc (SHPGY: Quote) announced results of the PREVENT2 trial Friday morning, a phase 3 study of once-daily SPD476, MMX mesalamine in patients with a history of diverticulitis. The study did not meet the primary endpoint in reducing the rate of recurrence of diverticulitis over a 2-year treatment period. SPD476, MMX mesalamine also did not show a significant difference compared to placebo on the key secondary endpoint of the study.

Shire gapped open sharply lower Friday and has continued to decline on above average volume. The stock is now down 5.09 at $96.64 and has fallen to over a 2-month low. Shire has also dropped below its 200-day moving average.

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by RTT Staff Writer

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