Why Translate Bio Shares Are Tanking Today
Shares of Translate Bio (NASDAQ: TBIO) were tanking 31.8% as of 11:26 a.m. EDT on Thursday. The big drop came after the company announced results following the market close on Wednesday from a second interim data analysis of a phase 1/2 study of MRT5005 in treating cystic fibrosis (CF).
The big story from Translate Bio's latest results was that no clear improvement was observed in lung function among patients receiving MRT5005. SVB Leerink analyst Geoffrey Porges summed it up in a note to investors by stating, "the trial failed."
However, the primary focus of the phase 1/2 study was to evaluate the safety and tolerability of MRT5005. Translate Bio said that repeat dosing of the experimental drug was "generally safe and well tolerated with no serious adverse events."
Source Fool.com
