'Fall From Grace' — Biotech Crashes 47% To A Record Low

Snowflake shares surged 24% after Q2 results beat estimates, with revenue of $1.55B and EPS of $0.62. Broadcom fell 2.5% on lower Q4 revenue forecasts. Campbell's dropped 7% on weak fiscal 2027 guidance. Ultragenyx plunged 46% after a failed drug trial. Petco rose 9% on strong Q2 margins. Moderna declined 2% after a downgrade. Argan gained 7.5% on better-than-expected earnings. Five Below rose 4.5% on strong Q2 results. Victoria's Secret fell 18% on missed revenue estimates. Netskope rose 12% on

Ultragenyx stock dropped 44.7% to $14.67 after its Phase 3 Aspire study for apazunersen failed primary and key secondary endpoints. Analysts downgraded the stock, citing the trial failure and other headwinds. The S&P 500, Dow Jones, and Nasdaq showed little movement.

Ultragenyx Pharmaceutical (RARE) shares dropped 46% after hours following a failed late-stage study for its Angelman syndrome drug, apazunersen. The drug did not meet primary or key secondary goals. The company will review the program and cut spending. RARE stock closed at $26.53 before the drop. The company has faced another late-stage failure recently and is focusing on its commercial rare-disease franchise and gene-therapy programs.

Broadcom (AVGO) fell 3.5% after issuing soft Q4 revenue guidance, while Snowflake (SNOW) jumped 21% on strong Q2 results and upbeat guidance. Hewlett Packard (HPE) dropped 1% despite a beat-and-raise report. NetApp (NTAP) fell 7% post-earnings, and Netskope (NTSK) rose 16% on strong Q2 results. ChargePoint (CHPT) surged 16%, Five Below (FIVE) rose 3%, and Tilly’s (TLYS) skyrocketed 32% on strong earnings. PVH Corp. (PVH) dropped 3% on slightly lowered guidance, and Ultragenyx (RARE) plummeted 40

Ultragenyx Pharmaceutical (NASDAQ:RARE) shares dropped 40% after hours as its Phase 3 Aspire trial for apazunersen in Angelman syndrome missed primary and key secondary endpoints. The company plans to evaluate the program and cut expenses. Angelman syndrome has no approved therapies.

Ultragenyx (RARE) shares rose 7.5% after the FDA approved its gene therapy Genglycos for glycogen storage disease type Ia. The treatment, priced at $2.7M per patient, targets a rare disease affecting 1,500-2,500 Americans. The company reported Q2 revenue of $214M and $436M in cash reserves. Success hinges on patient access and reimbursement.