Aadi Bioscience shares are trading lower after the company announced an analysis by the Independent Data Monitoring Committee demonstrated that the study was unlikely to exceed an efficacy threshold necessary to support an accelerated approval. The company will pause new enrollment and is reducing its Research & Development workforce by 80%.
Portfolio Pulse from Benzinga Newsdesk
Aadi Bioscience shares fell after an Independent Data Monitoring Committee analysis indicated that their study is unlikely to meet the efficacy threshold for accelerated approval. The company is pausing new enrollment and cutting its R&D workforce by 80%.
August 21, 2024 | 11:58 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Aadi Bioscience's stock is trading lower due to a study not meeting efficacy thresholds for accelerated approval, leading to a pause in new enrollment and an 80% reduction in R&D workforce.
The announcement that the study is unlikely to meet the necessary efficacy threshold for accelerated approval is a significant setback for Aadi Bioscience. This has led to a decision to pause new enrollment and reduce the R&D workforce by 80%, indicating potential financial and operational challenges. Such news typically results in a negative market reaction, as evidenced by the drop in share price.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100