Bridge Biotherapeutics' stock is plummeting daily after failing to prove the efficacy of its clinical Phase 2 trial for a pulmonary fibrosis new drug.
As of 9:33 a.m. on the 16th, Bridge Biotherapeutics is trading at 2,160 won, down 920 won (29.87%) from the previous trading day.
Bridge Biotherapeutics dropped nearly 30% right after the opening, marking the limit down for four consecutive trading days since the 15th. This is the longest record in the biotech sector since EOFlow hit the limit down for three consecutive trading days due to a loss in a U.S. patent lawsuit from December 4 to 6 last year.
Since the Korea Exchange expanded the price limit from ±15% to ±30% in June 2015, the stock that recorded the longest limit down was YoungPoong Paper. YoungPoong Paper was suspended from trading due to allegations of unfair trading on October 19, 2023, and when trading resumed on the 26th of the same month, it hit the limit down for six consecutive trading days until November 2. Including the trading suspension announcement day (October 18), it makes seven consecutive trading days.
Bridge Biotherapeutics announced on the 14th, after the market close, that it did not observe significant improvements in the Phase 2 clinical trial for 'BBT-877', a rare disease known as idiopathic pulmonary fibrosis, in which the lungs harden and function deteriorates, potentially leading to death.
A Bridge Biotherapeutics official noted, "We plan to carefully review individual patient data after receiving the final clinical trial results report and will re-establish our future clinical development and business strategy based on this."