NGM’s eye drug fails in a Phase 2 clinical trial

Shares of NGM Biopharmaceuticals Inc. NGM, -72.21% tumbled 67.4% in premarket trading on Monday after the company said its experimental treatment for an advanced form of macular degeneration did not meet the primary endpoint in a Phase 2 clinical trial. NGM said it plans to share additional information from the study at the Retina Society’s annual meeting next month. The company’s stock is down 34.8% this year, while the broader S&P 500 SPX, +2.64% has declined 24.8%.