Shares of Axovant Sciences Ltd. (AXON) - Get Report were up in early trading on Wednesday, Sept. 27, after plummeting on Tuesday on the heels of the announcement that the company's Phase 3 study of intepirdine in patients with Alzheimer's disease did not achieve its co-primary efficacy endpoints.
The stock closed at $6.33 on Tuesday, down nearly 74% but popped 5.1% to $6.65 in premarket. The stock ticked up a percent at market open.
Meanwhile, shares of Editas Medicine Inc. (EDIT) - Get Report rose 4.4% in premarket only to fall upon market open after the European Medicines Agency gave orphan medicinal product designation to the Cambridge, Mass.-based genome editing firm's EDIT-101, a pre-clinical product for the treatment of Leber Congenital Amaurosis type 10. LCA10 is a monogenic disorder brought about by mutations in the CEP290 gene.
Editas said it plans to submit an investigational new drug application for EDIT-101 in mid-2018.
Editas and Allergan plc AGN in March announced a research and development deal under which Allergan will receive exclusive access and the option to license up to five of Editas' ocular programs, including its lead program for LCA10.
Among the other stock movers in pre-market trading on Wednesday was Cempra Inc. (CEMP) , up 12% to $3.42 per share.
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