Why Prana Biotechnology (PRAN) Stock Is Down Today

NEW YORK (TheStreet) -- Prana Biotechnology  (PRAN) continued to decline on Tuesday after the company announced on Monday its phase II study of PBT2 in Alzheimer's disease failed.

The experimental drug did not reach the study's main endpoint of a statistically significant reduction in beta amyloid plaque levels in patients' brains with prodromal or mild Alzheimer's. PBT2 also did not show an improvement in brain metabolic activity, cognition or function when compared to a placebo.

The stock was down 7.32% to $2.60 at 10:09 a.m. on Tuesday.

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