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Oct. 30, 2019, 9:25 a.m. EDT

Cyclerion's stock plummets to pace premarket losers after diabetes treatment study missed primary endpoint

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By Tomi Kilgore

Shares of Cyclerion Therapeutics Inc. /zigman2/quotes/207301221/composite CYCN +1.46% plummeted 71% toward a record low Wednesday, to pace all premarket losers, after the biopharmaceutical company said a Phase 2 trial of its diabetes treatment missed the primary endpoint. The company said the Phase 2 proof-of-concept study of praliciguat, which is a once-daily, orally available stimulator in diabetic nephropathy did not meet statistical significance on its primary endpoint of reduction in albuminuria from baseline as compared with placebo. The company said, however, there was a trend toward improvement and improvements were observed in patients in several secondary measures associated with cardiovascular risk and kidney disease. Cyclerion said it still expects to "out-license" praliciguat for global development and commercialization. The stock, which went public in March, has run up 39.2% over the past three months through Tuesday, while the iShares Nasdaq Biotechnology ETF /zigman2/quotes/206189322/composite IBB +0.65% has gained 1.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.08% has edged up 0.8%.

/zigman2/quotes/207301221/composite
US : U.S.: Nasdaq
$ 1.39
+0.02 +1.46%
Volume: 73,515
Jan. 14, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$60.21 million
Rev. per Employee
$104,206
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/zigman2/quotes/206189322/composite
US : U.S.: Nasdaq
$ 138.95
+0.90 +0.65%
Volume: 2.70M
Jan. 14, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,662.85
+3.82 +0.08%
Volume: 2.52B
Jan. 14, 2022 5:16p
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