Catabasis Pharma Stock Sinks 69% After Negative Mid-stage Clinical Trial Results For DMD Drug

Catabasis Pharmaceuticals Inc. shares sunk 69.0% in pre-market trade Wednesday after the company said its mid-stage clinical trial for its Duchenne muscular dystrophy drug failed to meet its primary endpoint. The company said results weren't statistically significant at either the 100 mg/kg/day dose level or the 67 mg/kg/day dose level. Another clinical trial for the drug, edasalonexent, is ongoing, with results expected this year. The mid-stage clinical trial enrolled 31 boys with the rare degenerative disease DMD. Catabasis shares were priced at $4.04 as of market close Tuesday. Catabasis shares have risen 14.8% over the last three months, compared with a 7.9% rise in the S&P 500 .