Galapagos shares down after announcing clinical-trial miss for Crohn’s disease

U.S.-listed shares of Galapagos
GLPG,
-7.34%
were down 8.9% in premarket trading on Thursday, the day after the company said an experimental treatment for Crohn’s disease missed the primary endpoints in a Phase 3 clinical trial. The drug, filgotinib, is approved to treat rheumatoid arthritis and ulcerative colitis in Europe and Japan. It’s expected to bring in about $88 million in sales in 2022, according to the FactSet consensus. Galapagos plans to initiate a Phase 3 trial this year evaluating filgotinib as a treatment for AxSpA, a type of arthritis. The company’s’ stock is down 34.8% over the past 12 months, while the S&P 500
SPX,
-0.88%
has declined 7.4%.