(Updates)
** Shares of Jazz Pharmaceuticals fall about 5% to $107.2
** Its experimental drug, suvecaltamide, to treat essential tremors, a common movement disorder, did not meet the main goal in a mid-stage study
** JAZZ says "some numerical improvements" were observed on main and secondary goals of the study in patients, but these were not "statistically significant"
** Plans to further evaluate the data before determining next steps
** Rival Praxis Precision Medicine shares up 6.2% at ~$40
** Brokerage Piper Sandler said Jazz's trial miss comes in as a best case scenario for the drug developer
** Praxis plans to being late-stage trial for its ET drug candidate, ulixacaltamide, by year-end
** JAZZ is testing the drug in a separate study for treating tremors related to Parkinson's disease; data from this study is expected in early 2025
** Including session moves, JAZZ down more than 12% while PRAX up more than 75% YTD
(Reporting by Bhanvi Satija and Pratik Jain in Bengaluru)
((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))
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