Why Are Aeglea BioTherapeutics (AGLE) Shares Sinking Today?

Aeglea BioTherapeutics Inc AGLE shares are plunging in reaction to the interim results from the Phase 1/2 trial of pegtarviliase for Classical Homocystinuria and strategic alternatives process.
Classical Homocystinuria is a rare inherited methionine metabolism disorder resulting in elevated homocysteine levels.
Results from the first two cohorts (0.15 mg/kg and 0.45 mg/kg, respectively) showed pegtarviliase lowered homocysteine levels compared to baseline.
Also Read: Aeglea Nosedives After Clinical Update On Investigational Candidate For Rare Metabolism Disease.
Results from the third cohort (1.35 mg/kg) did not show a consistent reduction in homocysteine levels.
Further analysis indicated that participants in the third cohort developed anti-drug antibodies.
Pegtarviliase was well tolerated, with the majority of adverse events being Grade 1 or Grade 2 injection site reactions (76.9%) and hypersensitivity reactions (15.3%), which were managed with antihistamine and/or steroid treatment.
After reviewing the interim results, the company announced it is exploring strategic alternatives.
Aeglea has engaged Wedbush Securities to assist in exploring strategic alternatives.
As part of this process, Aeglea will reduce its workforce and retain approximately ten employees.
The company also announced the departures of Michael Hanley, chief business officer, and Linda Neuman, chief medical officer.
Price Action: AGLE shares are down 24.19% at $0.1952 on the last check Wednesday.

Why Are Aeglea BioTherapeutics Shares Sinking Today?