Sarepta Therapeutics Inc. and Roche Holding AG slumped after the partners’ trial of a gene therapy for Duchenne muscular dystrophy failed meet the main goal of a study.
After its trading was halted, Sarepta shares sank 45% in premarket trading on Tuesday. If that holds into regular trading, it will be the shares’ biggest drop since January 2021. Roche fell as much as 4% in Zurich trading, reaching their lowest intraday level in five years.
Sarepta disclosed the findings late Monday, saying patients improved in an ambulatory assessment, although the change wasn’t great enough to hit the clinical trial’s target. Both drugmakers argued that the medicine called Elevidys modifies the trajectory of the disease based on other measures, and that they will ask regulators to clear it for more patients.