Gossamer, Grail down by more than half after late-stage misses

The week’s biggest movers on clinical data all traded down, with Gossamer and Grail each losing more than half their value, while an obesity miss erased $26 billion from Novo Nordisk’s market cap. 

Gossamer Bio Inc. (NASDAQ:GOSS) announced disappointing Phase III results in patients with pulmonary arterial hypertension (PAH). In the PROSERA trial, seralutinib led to a 28.2-meter improvement in Six-Minute Walk Distance (6MWD) versus 13.5 meters for placebo at week 24 (p=0.032). Although the p value was under 0.05, the compound missed the prespecified alpha threshold of 0.025...