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Ironwood IRWD data meets primary endpoint but short of expectations

Price and Volume Movers

Ironwood Pharmaceuticals, Inc. (NASDAQ: IRWD) announced that it met the primary endpoint in its Phase 2b trial evaluating IW-3718 in adult patients with uncontrolled gastroesophageal reflux disease (GERD). The trial measured IW-3718 plus a proton pump inhibitor (PPI) against patients treated with a PPI alone. The data showed that patients treated with IW-3718 plus a PPI showed a mean decrease of 58% from baseline in heartburn severity compared to 46% in patients treated with a PPI alone (p = 0.04). While the data were statistically significant (p=0.04), the 12 point percentage difference was less than investor expectations, which saw shares sold off 8% to $17.00. Ironwood plans to advance IW-3718 into Phase 3 development in 2H 2018.

Shares of Aeterna Zentaris Inc. (NASDAQ: AEZS) continued their upward surge following Tuesday’s announcement that the FDA has set a PDUFA date of December 30, 2017 for its New Drug Application (NDA) seeking approval of Macrilen (macimorelin) for the evaluation of growth hormone deficiency in adults (AGHD). Shares of Aeterna Zentaris closed up 20% to $2.80 and are currently trading up a further 21% to $3.40 in the after-hours session following news that the company will be...