Novavax, Inc. (NASDAQ: NVAX)’s massive
84.5 percent Friday blowup was certainly a shock for biotech investors. However, in an industry where a company’s fate can lie
primarily in a single drug candidate, blowups like Novavax’s happen all too frequently. Here’s a look at five of the biggest
one-day biotech blow-ups of 2016.
Mirati Therapeutics, Inc. (NASDAQ: MRTX): -44
percent
Back in
June, Mirati reported results of a Phase 1b study of its non-small cell lung cancer leading drug candidate, glesatinib. The
market sure didn’t like the excessive amount of side effects, and the stock plunged.
Chiasma Inc (NASDAQ: CHMA): -63 percent
Chiasma shareholders suffered a similar fate back
in April when the FDA rejected the company’s experimental pituitary gland growth disorder drug.
Related Link: The
Search For Silver Linings In The Cloud Of Negative Novavax News
ProNAi Therapeutics Inc (NASDAQ: DNAI): -68 percent
ProNAi stock plummeted 68 percent in a single day back in June when the biotech company reported
that it was suspending development of its leading cancer drug in light of poor trial results.
Infinity Pharmaceuticals Inc. (NASDAQ: INFI): -69
percent
Sometimes drug trial results can prove disastrous even when a company hits its target.
In June, Infinity announced that its non-Hodgkin lymphoma treatment hit its primary response rate target. Unfortunately,
partner AbbVie Inc (NYSE: ABBV) was not
impressed with the results and decided to pull its funding.
Novavax: -84 percent
Novavax shares plummeted Friday when the company reported that its Phase III trial of its RSV F-protein recombinant nanoparticle
vaccine failed to replicate its Phase II success. Now the company and the stock are back to square one.
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