FINWIRES · TerminalLIVE
FINWIRES

Royalty Pharma Shares Fall After Novartis' Pelacarsen Fails Trial

By

Royalty Pharma (RPRX) shares fell nearly 6% in Tuesday trading after Novartis' (NVS) experimental heart drug pelacarsen failed in a late-stage trial last week, a study in which Royalty Pharma had an indirect financial interest.

Novartis' Phase III Lp(a)HORIZON trial of pelacarsen, developed with Ionis Pharmaceuticals, did not meet its primary endpoint of reducing the risk of cardiovascular events compared with placebo, according to a statement released late Friday.

Royalty Pharma entered a $500 million funding agreement with Ionis in 2023 that gives it rights to future royalties from Spinraza and pelacarsen.

Despite the pelacarsen failure, Royalty Pharma expects to recoup its total investment and make a modest positive return, the company said Friday.

Price: $60.48, Change: $-3.48, Percent Change: -5.44%

Related Articles

Wire

Top Cryptocurrencies Fall; Bitcoin Drops Below $80,000

Top cryptocurrencies fell Friday, with Bitcoin (BTC-USD) dropping below $80,000.The CoinDesk Market Index, which tracks dozens of digital assets including Bitcoin, fell 2.4% in the past 24 hours. The Nasdaq 100 rose 0.2%, the S&P 500 lost 0.4%, and the Dow Jones Industrial Average decreased 0.5%.Bitcoin fell 2.5% to $79,707, according to CoinMarketCap data. The most popular cryptocurrency's 24-hour trading volume rose 14.8% to $41.06 billion.Ethereum (ETH-USD), the second-largest digital asset by market value, declined 2.4% to $2,456.XRP (XRP-USD) lost 4.4%, BNB (BNB-USD) fell 0.5%, and Solana (SOL-USD) shed 3.3%. Dogecoin (DOGE-USD) slumped 5%, and Cardano (ADA-USD) dropped 3.6%.The total market value of the cryptocurrency industry fell 2% in the past 24 hours to $2.68 trillion, with trading volume increasing 13.3% to $108.51 billion.Price: $79726.92, Change: $-1545.00, Percent Change: -1.90%

$ADA-USD$BNB-USD$BTC-USD$DOGE-USD$ETH-USD$SOL-USD$XRP-USD
Wire

Update: Trade Desk Shares Fall After Company Announces 15% Workforce Cut

(Updates with the latest stock move in the headline and first paragraph.)Trade Desk (TTD) shares fell 4.9% in Friday trading after the company announced plans to reduce its workforce by 15%, with most of the cuts expected to be completed during Q3.The company expects to incur $39 million to $51 million in charges related to employee severance and benefit costs, partially offset by a reversal of $4 million to $5 million related to stock-based compensation, Trade Desk said in a regulatory filing.The company said it may incur additional charges or cash expenditures not currently anticipated as it implements the plan.Price: $14.35, Change: $-0.74, Percent Change: -4.94%

$TTD
Wire

Update: Quanex Building Products Shares Rise After Q3 Beat

(Updates with recent stock movement in the headline and the first paragraph.)Quanex Building Products (NX) shares rose nearly 18% in Friday trading, a day after the company reported fiscal Q3 adjusted earnings and revenue that topped analysts' estimates.The company posted fiscal Q3 adjusted earnings of $0.79 per diluted share, up from $0.69 a year earlier.Four analysts polled by FactSet expected $0.66.Revenue for the quarter ended July 31 was $501.8 million, up from $495.3 million a year earlier.Four analysts expected $497.5 million.Price: $22.12, Change: $+3.36, Percent Change: +17.88%

$NX