Why Is Palisade Bio Stock Sinking Today?
Portfolio Pulse from Vandana Singh
Palisade Bio's stock is plummeting after the company announced that its Phase 2 PROFILE study of LB1148 for post-surgical abdominal adhesions did not achieve its primary endpoint. The trial was paused due to COVID-19 and restarted with an amended protocol in May 2022. The topline data showed that LB1148 did not reduce adhesions in treated patients compared to placebo-treated patients. The company does not believe the results support further development of LB1148 for a reduction in intra-abdominal adhesions. PALI shares are down 67.7%.
August 09, 2023 | 1:31 pm
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Palisade Bio's stock is plummeting due to the failure of its Phase 2 trial of LB1148. The company does not see further development for the drug, causing a significant drop in its share price.
The failure of a clinical trial is a significant event for a biotech company like Palisade Bio. The fact that the company does not see further development for LB1148 indicates a lack of potential revenue from this drug, which negatively impacts the company's future prospects and investor confidence, leading to a drop in the stock price.
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