Why Aligos Therapeutics Stock Crumbled Today

Clinical-stage biotech Aligos Therapeutics (NASDAQ: ALGS) had some bad news to report on Thursday. As a result, unforgiving investors sent the company's stock down by almost 57%, making it one of the sector's steepest decliners today.

Biotechs without any commercialized products are heavily dependent on the results of the clinical trials for their pipeline programs. This was the issue with Aligos on Thursday; in the morning the company divulged that it is halting the further development of its experimental drug ALG-010133, which targets chronic hepatitis B (CHB).

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Source Fool.com