Shares of Theravance Biopharma Inc. TBPH, +0.85% fell more than 20% in the extended session Monday after the biopharmaceutical company said that a dose-finding study of one of its drugs, izencitinib, didn’t measure up to a placebo in the treatment of ulcerative colitis. The company said it will look at the data to better understand findings and potential for the drug. The stock ended the regular trading day up 0.9%.
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