Theravance Biopharma Sinks 30% After Ulcerative Colitis Drug Trial Misses Primary Goals

Shares of Theravance Biopharma Inc. (TBPH) are currently down over 30% after its ulcerative colitis drug trial failed to meet primary goals.

TBPH is currently trading at $9.87, down $4.30 or 30.35%, on the Nasdaq, on a volume of 3.5 million shares, far above the average volume of 431 thousand shares. The stock has traded between $9.66 and $22.74 in the 52-week period.

On Monday evening, Theravance Biopharma announced that a dose-finding study of its drug izencitinib failed to meet primary endpoint. Izencitinib is an orally administered, gut-selective pan-Janus kinase inhibitor in development for the treatment of ulcerative colitis. The phase 2b dose-finding induction study did not meet its primary endpoint of change in the total Mayo score or the key secondary endpoint of clinical remission at week 8, relative to placebo.

There was a small dose-dependent increase in clinical response measured by the adapted Mayo score, which was driven by a reduction in rectal bleeding.

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