PTC Therapeutics Sharply Lower After ACT CF Trial Misses Primary, Secondary Endpoints

PTC Therapeutics, Inc. PTCT shares are trading lower by $1.40 (10 percent) at $11.78 in Thursday's session.

The catalyst for the decline is the announcement that the company's drug trial for ACT CF has missed primary and secondary endpoints. Now the company plans to discontinue current clinical development of Ataluren in CF close ongoing extension studies and withdraw marketing application authorization in Europe.

After a lower open, it continued in that direction until it bottomed at $10.25 and began to rebound. That marks the lowest level for the issue since it bottomed on November 11 at $9.75. So far, the ensuing rally took the issue to $12.05, but has fallen into the $11.00 handle.