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Stock Alert: Gossamer Bio Tanks 33%

Shares of Gossamer Bio, Inc. (GOSS) are down more than 33% Tuesday morning after the company said the phase IIb study of its drug candidate in patients with moderate-to-severe eosinophilic asthma did not meet primary end point and the phase IIa study in patients with chronic rhinosinusitis did not meet primary or secondary endpoints.

The phase IIb study of the company's investigational drug GB001, dubbed LEDA, conducted on 480 patients with moderate-to-severe eosinophilic asthma did not meet the primary endpoint of asthma worsening, the company said.

Also, in the phase IIa study of GB001, dubbed TITAN in 97 patients with chronic rhinosinusitis with and without nasal polyps, neither the primary nor the secondary endpoints of were met.

"While we did not achieve statistical significance on the primary endpoint in the LEDA Study, we are encouraged by the consistent results observed for all three doses of once-daily, oral GB001 therapy across the primary and secondary endpoints," said Sheila Gujrathi, M.D., Co-Founder and Chief Executive Officer of Gossamer.

GOSS stock is currently trading at $9.05. It has been trading in the range of $7.52- $27.15 in the past 52 weeks.

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