Why Did QNCX Stock Plummet Over 90% Today?

• Quince on Thursday announced that the primary endpoint in the late-stage trial evaluating the asset in 105 patients with Ataxia-Telangiectasia did not reach statistical significance.
• The study further did not meet its key secondary endpoint though the therapy was generally well tolerated with no clinically meaningful safety concerns, the company said.  

Shares of Quince Therapeutics, Inc. (QNCX) closed 92% lower on Thursday after the company said that it has decided to cease clinical development of its lead asset, dexamethasone sodium phosphate encapsulated in autologous erythrocytes (eDSP).

Quince announced that the primary endpoint in the late-stage trial evaluating the asset in 105 patients with Ataxia-Telangiectasia did not reach statistical significance.

Moreover, the study did not meet its key secondary endpoint though the therapy was generally well tolerated with no clinically meaningful safety concerns, the company said.  

What Is Ataxia-Telangiectasia?

Ataxia-Telangiectasia (A-T) is a rare, inherited neurodegenerative disorder caused by mutations in the ATM gene, leading to progressive loss of coordination, small, visible blood vessels in the eyes/skin, a weakened immune system, and a high risk of cancer, typically appearing in early childhood with unsteady walking and balance issues.

Patients with the condition have a median lifespan of approximately 25 to 30 years. There are no approved therapies for the disorder in any global market, as per Quince, though there are about 4,600 diagnosed patients with A-T in the U.S.

Shares of the company edged up 2% after hours at the time of writing.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around QNCX shares rose from ‘neutral’ to ‘bullish’ territory over the past 24 hours, while message volume remained at ‘high’ levels.

A Stocktwits user said that they are adding more shares in the company for the “epic return to glory.”

Another user termed the selloff as “brutal” and hinted at a possible bankruptcy filing.

QNCX stock has lost 84% over the past 12 months. 

Read More: KRRO Shares Jump 13% On Analyst Upgrades — What’s Driving The Optimism?

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