VIRI - Why Is Virios Therapeutics (VIRI) Stock Down 71% Today?
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Virios Therapeutics (NASDAQ:VIRI) stock is falling hard on Monday after the company revealed results from its Phase 2b Study of IMC-1 in Fibromyalgia.
IMC-1 is a treatment in development by the company for people suffering from Fibromyalgia. The bad news is that the study didn’t result in statistical significance for its primary endpoint of daily self-reported average pain severity scores.
However, Virios Therapeutics did include some interesting findings during the clinical trial. That includes better pain management in the second half of the trial compared to the first. The company notes that the first half of the trial was when Covid-19 vaccinations weren’t in full swing yet. The second half took place after vaccination rates had increased.
Virios Therapeutics also notes that IMC-1 was well tolerated during the clinical trial. This saw 4.6% of patients taking IMC-1 drop out due to adverse events. For comparison, 8.1% of placebo patients dropped out of the study.
Virios Therapeutics Isn’t Giving Up on IMC-1
R. Michael Gendreau, M.D., Ph.D., CMO of Virios Therapeutics, said the following in a news release.
“Overall, the efficacy data from this trial were not what we had expected. We will continue to explore IMC-1’s potential as a viable FM treatment option. We would like to thank all of the investigators and patients who participated in FORTRESS for their support of this important research.”
Trading volume for VIRI stock is heavy today on the clinical trial results. This saw over 1 million shares on the move as of this writing. That’s a major increase compared to its daily average trading volume of about 27,000 shares.
VIRI stock is down 71.2% as of Monday morning.
There’s more recent stock market news traders will want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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