GlycoMimetics Inc. (NASDAQ: GLYC) shares were crushed on Monday after the firm announced late-stage results from its sickle cell disease (SCD) trial in conjunction with Pfizer Inc. (NYSE: PFE).
SCD is the most common inherited blood disorder in the United States, affecting about 100,000 people. Worldwide, roughly 100 million people carry the SCD trait and an estimated 5 million live with the disease.
These results come from its Phase 3 trial in patients aged six and older with SCD who were hospitalized for a vaso-occlusive crisis and required treatment with intravenous (IV) opioids.
Unfortunately, the pivotal study did not meet its primary or key secondary efficacy endpoints. The primary endpoint was time to readiness-for-discharge and the key secondary efficacy endpoints were time-to-discharge, cumulative IV opioid consumption and time to discontinuation of IV opioids.
Rachel King, CEO of GlycoMimetics, commented:
We are both surprised and deeply disappointed by this outcome, as we had strongly hoped that rivipansel would have a positive benefit for people living with sickle cell disease. We are grateful to the many people who supported and advanced this program over the years of clinical study, especially to sickle cell patients and their families.
Shares of GlycoMimetics traded down about 60% to $3.63 Monday morning, in a new 52-week range of $3.47 to $17.07. The consensus price target is $21.20.
Pfizer was down about 2% at $37.23 per share. The 52-week range is $37.21 to $46.47, and the consensus price target is $42.82.