Shares of Ionis Pharmaceuticals Inc. IONS, +5.11% fell 7.9% in premarket trading on Monday after the company and Pfizer Inc. PFE, +1.80% said they discontinued a program testing an experimental treatment for cardiovascular risk reduction and severe hypertriglyceridemia. The companies said that although the drug, vupanorsen, met the primary endpoint in a Phase 2b study, there was concern about its viability as a treatment for those indications. Pfizer had licensed the drug from Ionis in 2019; those rights have now been returned to the company. Over the past year, Pfizer’s stock has soared 51.3%, and shares of Ionis have tumbled 47.2%, while the S&P 500 SPX, +2.43% is up 18.7%.
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