It seems to take a lot to impress those invested in Omega Therapeutics Inc.
The shares fell after the biotech reported what on the face of it were positive early results from a phase I/II trial of its drug candidate.
OTX-2002 is being developed to treat liver cancer and other tumors linked to the c-MYC gene.
All eight patients taking part in the evaluation showed the desired genetic and cellular changes, including reduced levels of c-MYC, a gene often involved in cancer.
This is the first time a drug has been able to control this gene in this way.
The findings suggest the drug could be used for various diseases.
“We believe these promising data represent a landmark moment for Omega that supports the potential of our approach and marks a new era of therapeutic development utilizing programmable mRNA candidates for controlled epigenomic modulation,” said Omega chief executive Mahesh Karande.
However, the market turned a deaf ear to the news as the stock unwound most of the gains it made on Monday as it fell 10 cents to $2.90 in early trade.