Investing.com - Shares of Sage Therapeutic (NASDAQ:SAGE) plunged on Tuesday after the company announced its brexanolone treatment missed primary and secondary endpoints in a late-stage clinical trial.
Brexanolone was being studied on the seizure disorder super-refractory status epilepticus (SRSE). SRSE is a rare, serious condition that consists of epileptic fits. There are no existing treatments for the condition.
Of the 132 patients enrolled in the phase 3 trial, about 44% of patients were successfully treated with brexanolone, as compared with 42% of patients on the placebo. Following the trial, the company has decided to end its pursuit of brexanolone as a SRSE treatment.
Sage’s shares were down 15.5% Tuesday afternoon. Volumes were extremely high with 4.65 million shares changing hands as of 1:00 PM E.T. versus the 30-day average of about 316,000.