On September 8, Novartis AG fell 12.53% in regular trading, trading at $139.88/share, with turnover of $136 million. The sharp decline was triggered by a cascade of three clinical trial failures within a single week, sparking panic selling across the market.

The most immediate catalyst was the announcement that the Phase III Harbor study evaluating delpacibart etedesiran in patients with myotonic dystrophy type 1 (DM1) failed to meet its primary endpoint of video hand opening time. While the drug showed some clinical activity on secondary endpoints measuring muscle strength, daily living activities, and mobility, the primary endpoint miss dealt a significant blow to investor confidence. This failure also cast doubt on the value of the company's $12 billion acquisition of Avidity Biosciences.

Days earlier, the company disclosed that its Phase III Lp(a)HORIZON trial of pelacarsen, a potential blockbuster cardiovascular drug, failed to meet its primary endpoint of reducing cardiovascular event risk. Additionally, the company suspended eight CAR-T therapy clinical trials after three patient deaths linked to severe immune reactions.

The triple setback weighed heavily on the broader sector, with peers including Amgen falling 5.4% and Sarepta Therapeutics dropping 15.6% in pre-market trading. Analysts noted the pipeline pressure may weaken Novartis's medium-to-long-term growth outlook.

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