Why Shares in Agios Pharmaceuticals Got Crushed Today
Shares in Agios Pharmaceuticals (NASDAQ: AGIO) crashed by 50% by noontime today. The move comes as the market digests a mixed set of topline results from its Phase 3 trial (RISE UP) of its sickle cell disease drug, mitapavit.
The trial was designed with two primary endpoints, and it hit one but missed the other. Sickle cell disease is an inherited blood disorder in which a gene mutation causes red blood cells to produce an abnormal form of hemoglobin, known as hemoglobin S. When hemoglobin S releases oxygen, it causes red blood cells to clump, forming sickle cells, which typically die in a 10 to 20-day period compared to 120 days for normal red blood cells.
Some of its symptoms include fatigue, itching and discomfort, and intense periods of pain referred to as sickle cell pain crises (SCPCs).
Source Fool.com
