Third Harmonic Bio, Inc. (NASDAQ: THRD) stock tanked more than 70% in pre-market trading on Thursday after the biopharma company announced that it was discontinuing the ongoing Phase 1b study of its investigational drug candidate, THB001 in the treatment of chronic inducible urticaria (or hives).
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The company made this decision after “observing asymptomatic liver transaminitis in two subjects enrolled in the first dose cohort of 200mg BID.” Asymptomatic liver transamanitis is having high levels of certain liver enzymes that can move into the bloodstream.
Third Harmonic pointed out that extensive toxicology studies of THB001 or its Phase 1a study had not indicated these adverse effects.
Natalie Holles, CEO of Third Harmonic Bio commented, “We hold patient safety as our top priority in the conduct of our clinical studies, and therefore have decided to terminate the Phase 1b study of THB001.”
Analysts are upbeat about THRD stock with a unanimous four Buys.
