Biohaven Pharmaceutical said Thursday its experimental ALS treatment failed in a midstage study, leading BHVN stock to dip slightly.
The company tested its drug, dubbed verdiperstat, over 24 weeks in patients with amyotrophic lateral sclerosis, or ALS. ALS is a progressive neurodegenerative condition also known as Lou Gehrig's disease. Patients who received verdiperstat didn't show functional improvements, nor did they live longer than placebo recipients. They also didn't improve on any secondary measures.
"While we are disappointed that verdiperstat did not demonstrate (effectiveness) for ALS, Biohaven remains committed to developing treatments for people who suffer from neurodegenerative diseases," Irfan Qureshi, Biohaven's senior vice president of neurology, said in a written statement.
On today's stock market, BHVN stock sank a fraction to 151.53.
BHVN Stock Among A Handful In ALS Treatment
There are currently few ALS treatments on the market. But a number of companies are working on new approaches. Notable names among them include Amylyx Pharmaceuticals, whose stock has yo-yoed on its efforts, and Ionis Pharmaceuticals.
In Biohaven's study, the company says it tested multiple potential ALS treatments simultaneously "thus accelerating the development of effective and breakthrough treatments." But verdiperstat did not differentiate from the placebo on any effectiveness measures.
The drug's safety, however, was in line with prior studies.
The news put BHVN stock a little further below a buy point at 151.60 out of a long consolidation, according to MarketSmith.com. Shares broke out earlier this month.
Biohaven also has a strong Relative Strength Rating of 93. This puts BHVN stock in the top 7% of all stocks in terms of 12-month performance, according to IBD Digital.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
