Tricida Collapses 95%, Vaxcyte Skyrockets as Drug Trials Diverge

Bloomberg2022-10-25

(Bloomberg) -- In the risky world of biotech stock trading, a single release on clinical data can spark volatile swings in shares and investor fortunes. Most Read from Bloomberg China Stocks Slide ...

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Tricida plunged as much as 95% Monday after a study of its kidney disease drug missed its main goal, shrinking the stock’s market value to about $33 million from $606 million on Friday. Vaxcyte, on the other hand, surged 75% intraday after a vaccine it’s developing fared better than expected, propelling its value to more than $2 billion.\nData-driven volatility is hardly a new phenomenon in biotech trading. However, a bevy of clinical trial read-outs in recent weeks has prompted some eye-popping moves, from huge swings in sector giants based on key clinical data to pops across smaller-cap companies in earlier stages of drug development. \nThe influx of firms to the publicly traded sphere during the sector’s bull run is contributing to the sharp stock reactions, Brad Loncar, CEO of Loncar Investments said, given that those less-proven companies are often more volatile. \n“You’re naturally going to see big moves to the downside and to the upside,” Loncar said.\nThe biotechnology sector was hit this year amid a market pivot away from riskier assets in the face of the Federal Reserve’s campaign to stamp out inflation. The SPDR S&P Biotech ETF has fallen roughly 30%, while the Nasdaq Biotechnology Index slumped 17% alongside the broader market. Mergers-and-acquisitions activity and speculation has helped buoy the sector in recent months, as well as positive clinical trial readouts. \nAmong the most-closely followed trials in the second half of the year, Alnylam Pharmaceuticals Inc. added $8.4 billion in value in a single day after a key study of its heart drug met the main goal and Karuna Therapeutics Inc. jumped 72% following positive drug data in schizophrenia. Meanwhile, Biogen Inc. drew widespread attention when its Alzheimer’s disease drug showed promise in a late-stage study and lifted peers. \nAmong other recent stock swings, Dice Therapeutics Inc. jumped to a record earlier this month after early-stage psoriasis drug data, and Immunic Inc. plunged 77% last Friday after trial results in the same disease. \nWhile clinical data-driven stock moves skewed negative through the first half of the year, the third quarter brought a positive pivot and saw events drive more than $42 billion in market value creation, according to Jefferies analyst Michael Yee in a note last month, who also highlighted Regeneron Pharmaceuticals Inc.’s eye drug success. \nThe pace of data readouts is generally not seasonal and is instead more driven by the timelines of clinical development programs, said Oppenheimer health-care strategist Jared Holz. Investors will be watching for updates in the final months of the year from Roche Holding AG’s Alzheimer’s drug and Madrigal Pharmaceuticals Inc.’s late-stage NASH study. \nMost Read from Bloomberg Businessweek\n\nThe Fantasy of Instant Delivery Is Imploding\nThe Private Jet That Took 100 Russians Away From Putin’s War\nFemale Bosses Face a New Bias: Employees Refusing to Work Overtime\nEurope’s Most Valuable Tech Company Tries to Avoid the Chip War\nUkrainians Return Home by the Millions Even as War Rages On\n\n©2022 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2278720029"}