Why Eiger BioPharmaceuticals Stock Sank Today

Shares of Eiger BioPharmaceuticals (NASDAQ: EIGR) were sinking 18.9% lower as of 3:22 p.m. EDT on Monday. The big decline came after the company announced disappointing results from an investigator-sponsored clinical study evaluating Peginterferon Lambda-1a (Lambda) in treating outpatients with mild and uncomplicated COVID-19. 

Stanford University School of Medicine conducted the study of Lambda in treating COVID-19 patients. In the study, Lambda didn't achieve a statistically different duration of viral shedding compared to placebo. This duration was determined by the time to receive two consecutive negative tests for SARS-CoV-2. The experimental drug also didn't reduce the duration of symptom resolution when compared with placebo.

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Source Fool.com