Shares of CVRx Inc.
tumbled 33.7% in premarket trading Tuesday, putting them on track for a record one-day selloff, after the medical device company said a trial of its BeAT-HF therapy for heart failure did not reach statistical significance on the primary endpoint. The company said the results did contain “clinically meaningful” analyses that favored its Barostim extravascular implantable neuromodulation device, and provided a favorable safety profile. “The new results from the post-market phase of BeAT-HF confirm Barostim’s long-term symptomatic benefits and safety, and its use as an effective treatment for heart failure,” said Michael Zile, a professor at Medical University of South Carolina. CVRx’s stock had soared 41.1% over the past three months through Friday, while the S&P 500
has gained 3.3%.