Shares of PTC Therapeutics, Inc. (PTCT) tanked 22% on Monday morning. The biopharmaceutical company announced positive results from its Phase 2 PIVOT-HD study of PTC518 in patients with Huntington's disease (HD).
PTCT is currently trading at $39.04, down $10.91 or 21.84%, on the Nasdaq. The stock opened its trading at $39.44 after closing Friday at $49.95. The stock has traded between $28.72 and $58.38 in the past 52-week period.
PTC Therapeutics announced that the study met its primary endpoint of reduction in blood Huntingtin (HTT) protein levels at Week 12 and favorable safety and tolerability.
In addition, the 12-month data from the Stage 2 patients are consistent with the previously reported dose-dependent lowering of HTT protein and dose-dependent trends across clinical scales.
"These PIVOT-HD results confirm that PTC518 lowers Huntingtin protein and shows early signals of clinical benefit with a favorable safety profile," said Matthew Klein, Chief Executive Officer, PTC Therapeutics.
"In addition, at 24 months, we observed favorable dose-dependent trends on the cUHDRS and the TFC and SDMT subscales relative to natural history as well as dose-dependent lowering of neurofilament light chain protein. We look forward to discussions on the next development and regulatory steps including the potential for accelerated approval as we work to potentially bring the first disease-modifying therapy to those affected by Huntington's disease."
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