Novavax, Inc. NVAX 10.82%’s massive 84.5 percent Friday blowup was certainly a shock for biotech investors. However, in an industry where a company’s fate can lie primarily in a single drug candidate, blowups like Novavax’s happen all too frequently. Here’s a look at five of the biggest one-day biotech blow-ups of 2016.
Mirati Therapeutics, Inc. MRTX 17.67%: -44 percent
Back in June, Mirati reported results of a Phase 1b study of its non-small cell lung cancer leading drug candidate, glesatinib. The market sure didn’t like the excessive amount of side effects, and the stock plunged.
Chiasma Inc CHMA 3.08%: -63 percent
Chiasma shareholders suffered a similar fate back in April when the FDA rejected the company’s experimental pituitary gland growth disorder drug.
ProNAi Therapeutics Inc DNAI: -68 percent
ProNAi stock plummeted 68 percent in a single day back in June when the biotech company reported that it was suspending development of its leading cancer drug in light of poor trial results.
Infinity Pharmaceuticals Inc. INFI: -69 percent
Sometimes drug trial results can prove disastrous even when a company hits its target. In June, Infinity announced that its non-Hodgkin lymphoma treatment hit its primary response rate target. Unfortunately, partner AbbVie Inc ABBV 1.53% was not impressed…
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