Prothena Corp. PLC (NASDAQ: PRTA) shares hit a multiyear low on Monday, one not seen since 2013. This came on the heels of news that the company would be discontinuing development of NEOD001, an investigational antibody that was being evaluated for the treatment of AL amyloidosis.

The decision was based on results from the Phase 2b PRONTO study and a futility analysis of the Phase 3 VITAL study.

Ultimately the study did not meet its primary or secondary endpoints and the company asked the independent data monitoring committee of the Phase 3 VITAL study to review a futility analysis of the ongoing VITAL study. The committee recommended discontinuation of the VITAL study for futility.

Even before Monday’s move, Prothena had underperformed the broad markets, with its stock down about 32% in the past 52 weeks. But in just 2018 alone, the stock was only down about 2%.

Gene Kinney, Ph.D., president and chief executive of Prothena, commented:

We are deeply disappointed by this outcome, particularly for patients suffering from this devastating disease. We are surprised by the results from these two placebo-controlled studies and will continue to analyze the resulting data to share insights with our collaborators in the scientific, medical and advocacy communities. We thank all of the patients, their families, caregivers, investigators, study staff and our employees. Their participation in and commitment to these studies are indispensable to advancing our shared goal of improving the lives of patients with amyloidosis.

Shares of Prothena were last seen down over 65% at $12.85 with a consensus analyst price target of $73.09 and a 52-week range of $12.70 to $70.00.

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