Ali­gos crum­bles af­ter ax­ing lead as­set, as an­a­lysts rue an­oth­er flop in 'beat­en-down' sec­tor

Ali­gos Ther­a­peu­tics took a beat­ing Thurs­day af­ter re­port­ing it is stop­ping de­vel­op­ment on its lead pro­gram for chron­ic he­pati­tis B.

The biotech’s shares $AL­GS closed down 57% and fell in­to pen­ny stock ter­ri­to­ry Thurs­day, fol­low­ing a morn­ing press re­lease say­ing Ali­gos’ ALG-010133 pro­gram did not prove ef­fi­ca­cious at the dose test­ed in a Phase I study. Ad­di­tion­al­ly, the com­pa­ny con­clud­ed that high­er dos­es were al­so un­like­ly to be ef­fec­tive, and ul­ti­mate­ly de­cid­ed to axe the can­di­date al­to­geth­er.

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