Polaryx preclinical data sparks sell-off amid unmet expectations
The stock experienced a sharp intraday decline during regular market hours, with multiple volatility trading halts around 10:10 AM ET, prior to the 12:00 PM ET oral presentation. The late-breaker abstract highlighted gemfibrozil's (reformulated as PLX-200) effects in a mouse model of Krabbe disease, one of four lysosomal storage disorders targeted in the upcoming Phase 2 SOTERIA trial. While the data supported trial initiation, investors appeared disappointed by the preclinical nature and limited efficacy signals compared to prior hype around the direct Nasdaq listing on February 2. Trading volume surged, amplifying the drop as retail sentiment soured, with forum buzz labeling it a potential overvaluation unwind for the newly listed biotech.
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