Stock Alert: Biohaven Down 8% After Anxiety Drug Fails Late-stage Study

(RTTNews) - Shares of Biohaven Pharmaceutical Holding Company Ltd. (BHVN) dropped to a three-month low after the clinical-stage pharma company's anxiety medicine failed a late-stage study.

Biohaven's eight-week trial of Troriluzole involved comparing the drug with placebo for the treatment of patients with Generalized Anxiety Disorder. Patients taking troriluzole did not have a different result than those using the placebo.

Biohaven said it will continue to test troriluzole as a treatment for obsessive compulsive disorder, Alzheimer's disease and spinocerebellar ataxia.

BHVN is currently trading at $46.75, down $4.50 or 8.78%, on the Nasdaq.