Aligos Therapeutics, Inc. (ALGS) is experiencing a significant drop in its stock price today, despite the recent positive news of its drug ALG-801 receiving FDA orphan drug designation for the treatment of pulmonary arterial hypertension (PAH). The designation highlights the drug's novel therapeutic potential and its promising results in phase 1 trials. However, the market reaction appears to be negative, possibly due to broader market trends or investor sentiment not aligning with the news.
In the premarket session, ALGS was listed among the top losers, with a notable decline of 9.60% from its previous close. This early indication of a downward trend has continued into the regular trading hours. The stock opened at $35.58 and has since dropped to a low of $28.10, with the current price standing at $29.48, marking a 23.22% decrease from the previous close of $38.39. Despite being just half an hour into the trading day, the stock has already seen a volume of 252,347 shares, which is 57.94% of its average daily volume of 435,498, indicating heightened trading activity.