Ionis Pharmaceuticals stock hit near 52-week lows after the Phase 3 trial for its cardiovascular drug pelacarsen failed to meet primary endpoints, threatening future milestone payments from Novartis.
S&P 500 was down 0.2% in premarket trading as the broader market showed limited movement amid the Ionis trial miss.
Dow Jones declined 0.7% in premarket activity, reflecting a modest negative bias in the broader equity market.
Nasdaq was up 0.1% in premarket trading, showing slight resilience despite the Ionis trial setback.
Ionis Pharmaceuticals shares dropped 13.1% to $50.51 in premarket trading after the Phase 3 Lp(a)HORIZON study for its cardiovascular drug pelacarsen failed to meet its primary endpoint. While the drug successfully lowered lipoprotein(a) levels, it did not significantly reduce cardiovascular events, jeopardizing future milestone payments from partner Novartis.
Shares fell due to the failure of the Phase 3 Lp(a)HORIZON trial for pelacarsen, a drug licensed to Novartis, which failed to meet its primary endpoint of reducing major cardiovascular events.
The failure reduces the likelihood of Ionis receiving up to $650 million in development, regulatory, and commercial milestone payments previously tied to the drug's success.