Stoke Therapeutics (NASDAQ:STOK) shares are nosediving today after the biopharmaceutical company announced positive safety and efficacy data from two Phase 1/2a studies and an open-label extension study evaluating STK-001 for the treatment of Dravet syndrome in children and adolescents.
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The results point to observed reductions in convulsive seizure frequency alongside significant improvements in cognition as well as behavior. The drug was observed to be generally well tolerated and the company is on schedule to complete the Phase 1/2 trials by the end of this year. Further, data from the open-label extension studies is anticipated in Q1 2024.
At the same time, 32% of subjects in the Phase 1/2 studies witnessed a treatment-emergent adverse event and 20% of the subjects witnessed a treatment-emergent serious adverse event. Consequently, the study protocol for one of these trials (ADMIRAL) was amended.
Overall, the Street has a $26 consensus price target on Stoke alongside a Strong Buy consensus rating. Shares of the company have now dropped nearly 38% over the past month while short interest in the stock still remains elevated at about 30.3% at present.
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