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BeiGene Stock Down 13%

Shares of BeiGene, Ltd. (BGNE) are down over 13% on Wednesday morning as several biotech stocks were negatively impacted by the failure of Roche's lung cancer drug trial.

BGNE is currently trading at $124.33, down $19.34 or 13.46%, on the Nasdaq. The stock opened its trading at $128.00 after closing its Tuesday's trading at $143.68. The stock has traded between $121.87 and $426.56 in the past 52-week period.

Genentech, a member of the Roche Group (RHHBY), on Wednesday said that phase III SKYSCRAPER-01 study in PD-L1-High Metastatic Non-Small Cell Lung Cancer did not meet its co-primary endpoint of progression-free survival.

Roche is testing the investigational anti-TIGIT immunotherapy tiragolumab plus Tecentriq (atezolizumab) versus Tecentriq alone as an initial treatment for people with PD-L1-high locally advanced or metastatic non-small cell lung cancer.

The company noted that the other co-primary endpoint of overall survival was immature, and the study will continue until the next planned analysis.

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