Shares of Alder Biopharmaceuticals on Tuesday lost more than a quarter of their value, diving to a low not seen since late 2014 despite positive data in a Phase 3 migraine trial, making it competitive with Eli Lilly, Amgen and Teva Pharmaceutical.
Alder said its drug known as eptinezumab showed a statistically significant cut in frequent episodic migraines. During the first month, 31.5% and 30.8% of the patients on the 300-milligram and 100-milligram doses, respectively, of eptinezumab experienced a sizable reduction in roughly three-fourths of their monthly migraine days.
But tests showed the psychosomatic “placebo effect” was nearly as effective, as it turned out. A total 20.3% who received nondrug placebos — and thought they may have received medication as part of the test group — also reported a three-fourths reduction in migraine days.
