Ionis and Novartis Shares Tumble Following Heart Drug Trial Failure

Ionis shares dropped 9.5% to $52.60, while Novartis saw its valuation decline by 4.4% to $153.04. The trial failure marks a significant hurdle for the partnership, which had been counting on the drug to bolster its presence in the heart disease market.

Separately, Corvex reported a $26.3 million loss for the first half of the year, further dampening investor sentiment. Following the disclosure, the company’s stock fell 7.5% to $13.63 in late trading.