Clinical stage biopharmaceutical firm Metacrine Inc (NASDAQ:MTCR) saw its stock take a significant dive this past Friday and it will be interesting to see if the stock is able to make a recovery this week. On Friday, the stock suffered from a massive selloff and went down by as much as 57% as a consequence.
Market Action:
On Friday, MTCR stock fell 57.44% at $1.6300 with more than 11.46 million shares, compared to its average volume of 451.83K shares. The stock has moved within a range of $1.6100 – 1.8400 after opening the trade at $1.7500.
Reports Interim Results for MET642 Phase 2a Trial
However, in this context, it might be a good idea for investors to take a look at a development from last Thursday. On that day, the company published the interim results from the Phase 2A clinical of its product MET642. The clinical trial was looking into the efficacy and safety of the product.
MET642 is a farnesoid X receptor. However, that was not all. Metacrine also noted that it was making efforts to speed up the clinical development of the product and eventually advance to the Phase 2 trial.
While these were fairly important developments, the news was no received with any great enthusiasm by investors and the stock suffered from a massive selloff. Considering the magnitude of the losses, investors could do well to keep an eye on the Metacrine stock this morning to see if the stock recovers or not.
Key Quote:
“We are encouraged by the MET642 interim clinical trial results, as this product candidate demonstrated meaningful liver fat reduction at 3 mg and a potentially class-leading tolerability profile for the treatment of NASH at both 3 mg and 6 mg,” said Preston Klassen, M.D., MHS, CEO, Metacrine. “In this small interim analysis, the 6 mg cohort displayed a non-normal distribution in liver fat changes, as evidenced by differences between the mean and median results. Further clarification of the impact on liver fat at the 6 mg dose will require examination of the complete trial data set, which is anticipated in the first half of 2022. NASH is a complex and chronic disease that we believe will likely require combination regimes to most effectively treat patients. MET642 can potentially serve as an important part of these novel combination approaches.”
