Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY) shares are down by more than 42% in after-hours after the company announced that it has decided to discontinue development of revusiran, an investigational RNA interference therapeutic that was being developed for the treatment of hereditary ATTR amyloidosis with cardiomyopathy. The company made the decision based upon the recommendation of the ENDEAVOUR Phase 3 study Data Monitoring Committee, which specifically found that the benefit-risk profile for revusiran no longer supported continued dosing. Data from the latest study showed that patients taking the treatment were more likely to die than those receiving a placebo. Alnylam will continue to develop patisiran, which is currently in Phase 3 development for the treatment of hATTR amyloidosis with polyneuropathy. 25 funds tracked by Insider Monkey owned 6.50% of Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY)’s outstanding shares on June 30.
The Medicines Company (NASDAQ:MDCO) shares are around 10% in the red in after-hours trading mainly on the back of the aforementioned Alnylam news (The Medicines Company and Alnylam Pharmaceuticals have been collaborating on the advancement of ALN-PCSsc for several years). Alnylam said the following in its press release:
“Based on a current assessment of the safety data across the Company’s other programs, which include the ALN-PCSsc program partnered with The Medicines Company, there is no evidence of a drug-related neuropathy signal in over 800 treated subjects and patients with exposure of up to 34 months.”
Nonetheless, traders are shooting first and asking questions later. In addition, The Medicines Company also provided a progress update on its ongoing ORION-1 Study of PCSK9si. Based on the review of safety data, no material safety issue has been observed. 26 funds owned $621.58 million in The Medicines Company (NASDAQ:MDCO) shares on June 30, which accounted for 26.40% of the float.
Traders are watching Resources Connection, Inc. (NASDAQ:RECN) after the company reported earnings of $0.15 per share for the first quarter of its fiscal 2017 year, $0.02 below the consensus analyst estimate. Revenue for the period came in at $143.39 million, down by 3.3% year-over-year, but $0.86 million ahead of the Street’s consensus. Gross margin was 38%, down from 38.7% in the same quarter of its previous fiscal year, while adjusted EBITDA margin was 8.5%, well under the 10.6% figure for the comparable quarter a year earlier. Also during the three-month period, Resources Connection bought back around 375,000 shares of common stock for a total of $5.7 million. 12 funds in our system had a long position in Resources Connection, Inc. (NASDAQ:RECN) at the end of June. Shares are down by 3% in extended trading.