By Stephen Nakrosis
Shares of RAPT Therapeutics touched an all-time low following news the company terminated its zelnecirnon program after feedback from the Food and Drug Administration.
In the last hour of Monday's regular-trading session, the company's shares were trading 40% lower, at $1.70. Volume at the time topped 6.3 million shares, above the 65-day average volume of 297,600 shares.
Earlier in the day, the stock touched an all-time low of $1.30, before recovering some ground.
Zelnecirnon was being evaluated as a treatment for asthma and atopic dermatitis. The trials were placed on clinical hold by the FDA in February because of a serious adverse event of liver injury requiring transplant in one patient in the atopic dermatitis trial, RAPT said.
The biopharmaceutical company said it is continuing to advance the preclinical pipeline, including next-generation CCR4 compounds, and to pursue licensing opportunities.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 11, 2024 15:30 ET (20:30 GMT)
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