What's Happening With RedHill Biopharma's Stock On Tuesday?

RedHill Biopharma Ltd RDHL announced preliminary top-line data from Phase 2/3 study evaluating opaganib in hospitalized patients with severe COVID-19 pneumonia.
Read Next: RedHill Biopharma To Test Upamostat In COVID-19 Patients In South Africa.
Data from 475 patients showed that the study did not meet its primary endpoint, though efficacy endpoints did show trends in favor of the opaganib arm vs. placebo.
The primary endpoint was the proportion of patients breathing room air without oxygen support by Day 14. Top-line safety data showed good tolerability of opaganib.
RedHill intends to examine the data in greater detail. It says that the preliminary analysis points to increased benefit in a subset of patients requiring less oxygen and supports the potential utilization of opaganib in earlier stages of the disease.
Opaganib is a novel small molecule investigational drug in oral pill form, with a dual antiviral and anti-inflammatory mechanism of action.
Related Link: RedHill Biopharma's Oral COVID-19 Candidate Shows Preclinical Action Against Delta Variant.
Price Action: RDHL shares are down 37% at $4.65 during the premarket session on the last check Tuesday.