Australia's Neuren Pharmaceuticals slumps 12% on profit-taking after positive drug trial

Neuren Pharmaceuticals

29/05/2024 05:44

** Shares of Neuren Pharmaceuticals  NEU.AX  fall as much as
12.3% to A$20.280, their biggest intraday pct drop since Feb 28
    ** NEU, which develops therapies for neuro-developmental
disorders, is the top loser in the ASX 200 benchmark index
    ** NEU stock slumped to its lowest level since May 15
earlier in the day before recouping some losses to trade near a
one-week low  
    ** Nearly 690,000 shares change hands, vs the 30-day average
of 425,722 shares
    ** Shares slump on profit-taking after NEU jumped 15.7% on
Monday
    ** NEU shares jumped on Monday after it announced a
significant improvement in top-line results from the Phase-2
clinical trial of a drug for Pitt Hopkins syndrome - a rare
genetic disorder
    ** NEU shares fell 3.6% on Tuesday, and are extending losses
into a second straight session on Wednesday
    ** NEU stock down 7.5% this year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))