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A late-stage clinical trial for a heart disease treatment developed by Ionis Pharmaceuticals and Novartis failed to reach its primary endpoint, triggering a sharp sell-off in both companies’ stocks during after-hours trading on Friday as investors reacted to the unexpected setback in their cardiovascular development pipeline.
Ionis shares dropped 9.5% to $52.60, while Novartis saw its valuation decline by 4.4% to $153.04. The trial failure marks a significant hurdle for the partnership, which had been counting on the drug to bolster its presence in the heart disease market.
Separately, Corvex reported a $26.3 million loss for the first half of the year, further dampening investor sentiment. Following the disclosure, the company’s stock fell 7.5% to $13.63 in late trading.
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