Ionis Pharmaceuticals shares dropped nearly a quarter after its heart drug Wainua missed Phase 3 trial goals and Roche terminated Huntington’s programs.
Ionis Pharmaceuticals (IONS) shares fell 24% on July 9 after its heart drug Wainua failed to meet the primary endpoint in a late-stage trial. The Phase 3 CARDIO-TTRansform study, conducted with AstraZeneca (AZN), showed no reduction in cardiovascular deaths or recurrent heart events over 140 weeks in patients with ATTR-CM, a progressive heart disease. The stock closed near $64, down from $86 the prior session.
The selloff deepened the following day after Roche announced it was ending two Huntington’s disease programs partnered with Ionis. The back-to-back setbacks underscored the volatility of biotech investments, where clinical trial outcomes can swiftly alter market sentiment. ATTR-CM represents a significant and growing market, amplifying the impact of the trial miss.
The combined losses erased nearly a quarter of Ionis’ market value in two trading sessions, reflecting investor concerns over the company’s pipeline stability and future revenue prospects.