NEW YORK, NY / ACCESSWIRE / December 13, 2018 / Shares of both Neurocrine Biosciences and Synergy Pharmaceuticals were in the red on Wednesday after announcing discouraging developments. Synergy is selling its business assets while Neurocrine Biosciences failed to meet a primary goal in a mid-stage trial.
The Market Edge Initiates Coverage on:
Neurocrine Biosciences, Inc.
Synergy Pharmaceuticals Inc.
Neurocrine Biosciences, Inc. shares were down almost 14% on about 13 million shares traded yesterday. The stock hit a new low of $64.72 after the company announced that a midstage trial of a treatment for Tourette syndrome in children and adolescents failed to meet its primary goal. The company said that the Phase IIb study found
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Synergy Pharmaceuticals Inc. shares were down 52.8% and saw almost 8% more in losses in after-hours trading. Trading volume at around 95 million shares was colossal compared to the stock's average trading volume of about 4.4 million shares. The stock hit a new 52-week low of $0.0904 after the company filed for Chapter 11 bankruptcy in a voluntary petition with Bausch Health absorbing most of the company’s assets once the move goes through. Bausch Health would acquire substantially all of Synergy's assets, including all rights to TRULANCE® (
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SOURCE: The Market Edge