Novartis plunges after two Phase 3 drug trials fail in one week
-13.93% to $137.70 from $159.99
What moved NVS
- Novartis said its Phase III HARBOR study of del-desiran in myotonic dystrophy type 1 failed to show a statistically significant improvement over placebo on its primary hand-myotonia endpoint.
- The setback came days after pelacarsen, an Lp(a)-lowering drug Novartis developed with Ionis Pharmaceuticals, failed to reduce cardiovascular risk in the Phase III Lp(a)HORIZON trial despite lowering Lp(a) levels.
- Shares fell roughly 13-14%, putting the stock on pace for one of its worst trading days on record.
- Novartis said it is evaluating the full HARBOR dataset and will engage with health regulators to determine next steps for del-desiran.
Sources: STAT News · BioSpace · Seeking Alpha · GlobeNewswire (Novartis release)