Why Cyclerion Therapeutics Is Crashing Today

Shares of clinical-stage biotech Cyclerion Therapeutics (NASDAQ: CYCN) are down by an eye-popping 48% as of noon EDT Wednesday. The small-cap biotech's stock is crashing in response to a negative midstage trial result for its sickle cell disease candidate olinciguat.

Cyclerion didn't share any statistical details from the 70-patient study in today's press release. However, the company did note that the drug's activity did not support further internal clinical development. This event marks the second midstage trial failure for the biotech within a year. 

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Source Fool.com