Reneo Pharmaceuticals Inc (RPHM)

Shares of Reneo Pharmaceuticals Inc (RPHM) dropped by 82.71% from $7.75 to $1.34 in the trading on Thursday, December 14, 2023. The reason why RPHM down today is due to disappointing news related to the company's pivotal STRIDE study of mavodelpar. Reneo Pharmaceuticals announced that the study, conducted in adult patients with primary mitochondrial myopathies, did not achieve its primary efficacy or secondary efficacy endpoints. This unexpected and significant setback in the clinical trial results led to a severe loss of investor confidence and a sharp decrease in RPHM's share price.