US Stock Market Move | Three consecutive test failures in a week caused Novartis AG Sponsored ADR (NVS.US) to plummet over 12%.

On Tuesday, Novartis AG Sponsored ADR (NVS.US) fell more than 12% in early trading, currently priced at $139.13. In terms of news, Novartis AG Sponsored ADR has faced its third setback in clinical trials within just one week. The Swiss pharmaceutical company announced on Tuesday that its experimental injectable drug del-desiran, intended for the treatment of Type 1 Myotonic Dystrophy (DM1, a rare muscle-wasting disease), did not meet its primary endpoint in the Phase III HARBOR study. Data showed no statistically significant improvement in patients' video hand opening time (vHOT) compared to the placebo. Novartis AG Sponsored ADR stated that clinical signs of activity were observed in secondary endpoints and exploratory analyses, and overall safety was consistent with previous data. The company will further analyze the complete data and determine the subsequent development path after communications with regulatory authorities.