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Why uniQure Stock Is Crashing Today

What happened

Shares of uniQure N.V. (NASDAQ: QURE) are crashing today, down by 32.6% as of 11:19 a.m. ET. The steep decline came after the gene therapy specialist provided its second-quarter update Monday morning.

Investors weren't all that interested in uniQure's financial results. The company's only revenue is from collaborations. uniQure reported a net loss in Q2 of $39.1 million, or $0.84 per share, on revenue of just $0.5 million.

So why did the biotech stock plunge so much? uniQure announced the postponement of adding higher-dose procedures in a phase 1/2 study of AMT-130 in treating early-stage Huntington's disease.

So what

uniQure only has two programs in clinical testing, one of which is AMT-130. Any bad news for the experimental gene therapy, therefore, will almost certainly rattle investors.

In July, the company reported that three of 14 patients treated with a higher dose of AMT-130 experienced unexpected severe adverse reactions. As a result, uniQure decided to delay any additional higher-dose procedures in the study until it can implement additional monitoring and treatment plans, as well as complete a safety review.

Importantly, there haven't been any reports of severe adverse events related to AMT-130 in patients receiving lower doses of the experimental therapy. uniQure doesn't expect any impact of its delay related to higher-dose procedures on the timing of announcing results from the lower-dose procedures.

Now what

uniQure expects to complete its safety review early in Q4 of this year. The company also continues to anticipate reporting data from one- to two-year follow-ups on both low- and high-dose cohorts of its AMT-130 clinical study in Q2 of 2023.

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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


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