Shares of the specialty biopharmaceutical company RedHill Biopharma (NASDAQ: RDHL) are down by an eye-popping 33% as of 10:53 a.m. EDT Tuesday morning. The drugmaker's stock is tanking today in response to the performance of opaganib, a sphingosine kinase-2 selective inhibitor, which failed to hit its primary endpoint in a phase 2/3 trial as a treatment for hospitalized patients with severe COVID-19 pneumonia.
Interestingly, the market appears to have anticipated this clinical failure, as evinced by RedHill's steady decline over the course of the past week. The company's stock, in fact, has now shed almost half of its value since Sept. 8.
Image source: Getty Images.
For further details see:
Why RedHill Biopharma Stock Is Getting Crushed Today