08:30 AM EDT, 08/15/2024 (MT Newswires) -- Shares of SIGA Technologies ( SIGA ) plunged nearly 30% in recent premarket activity Thursday after the National Institutes of Health said the company's tecovirimat did not meet its primary endpoint in a trial evaluating it as a potential treatment for the monkeypox virus.

The NIH said a preliminary analysis shows the study did not achieve statistical significance on its primary endpoint of tecovirimat being superior to placebo in lesion resolution for all patients.

SIGA ( SIGA ) said a "meaningful improvement" was seen among patients receiving tecovirimat whose symptoms began seven days or fewer.

"While more analysis is required, the company believes these data support further trials to assess the potential benefit of tecovirimat," the company said.

Price: 8.40, Change: -3.57, Percent Change: -29.82