Theravance Biopharma stock plunges as study fails to meet endpoint

Theravance Biopharma shares plunged nearly 30% after its Phase 3 study missed the primary endpoint. The company is winding down the ampreloxetine program and cutting its workforce by 50%. Theravance also plans to reduce operating expenses by 60% while projecting at least $3.51 billion in 2026 net sales. The stock fell below its 200-day moving average.