Reneo resumes, down 83% after PMM study did not hit endpoint

Trading in Reneo Pharmaceuticals shares resumed and the stock fell $6.45, or 83%, to $1.30 after the company earlier had announced that its pivotal STRIDE study of mavodelpar in adult patients with primary mitochondrial myopathies, or PMM, did not meet its primary efficacy or secondary efficacy endpoint. The company intends to implement immediate cost savings initiatives, including suspension of the ongoing STRIDE AHEAD study and all other mavodelpar development activities and a workforce reduction of approximately 70%.