NGM Bio un­veils pos­i­tive PhII NASH re­sults to some unim­pressed in­vestors

NGM Bio got up ear­ly this morn­ing in South San Fran­cis­co ready to pro­claim an in­ter­im win of its lead NASH drug, aldafer­min, in the fourth and fi­nal leg of a lengthy Phase II pro­gram. The re­sults of com­par­ing drug to place­bo were pos­i­tive, the com­pa­ny said, set­ting up some ex­pec­ta­tions for a fi­nal read­out in ear­ly 2020.

But in­vestors weren’t quite buy­ing it. The stock $NGM has slid around 18%.

So what’s wrong?

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