Novartis, Ionis and Other Large-Cap Stocks Slide in Tuesday Premarket Trading

US stock index futures were lower Tuesday morning, with Dow Jones futures falling more than 400 points.

Novartis shares dropped sharply in premarket trading after the company disclosed that the Phase III LpHORIZON trial of pelacarsen did not meet its primary endpoint.

Novartis shares plunged 12.7% to $139.56 in premarket trading.

Here are other stocks moving lower in premarket trading.

Dyne Therapeutics, Inc shares fell 35.5% to $15.64 in premarket trading. Dyne Therapeutics will present preclinical data on multiple drug candidates for Duchenne muscular dystrophy at the 27th Annual NMSG Scientific Meeting.

Sarepta Therapeutics Inc shares declined 15.6% to $19.00 in premarket trading. Sarepta Therapeutics reported strong quarterly results last month.

Ionis Pharmaceuticals Inc shares dropped 11.5% to $51.40 in premarket trading, moving in tandem with Novartis after the latter announced that the Phase III LpHORIZON trial of pelacarsen did not meet its primary endpoint. Novartis obtained global rights to develop, manufacture, and commercialize pelacarsen under a license and collaboration agreement with the company.

NewAmsterdam Pharma Company NV shares fell 10.8% to $22.65 in premarket trading.

Silence Therapeutics PLC – ADR shares declined 9.2% to $13.25 in premarket trading.

Sigma Lithium Corp shares dropped 8.4% to $11.35 in premarket trading, after falling 3% on Friday.

Lincoln Educational Services Corp shares fell 7.8% to $23.62 in premarket trading.

Baidu shares declined 7.6% to $91.88 in premarket trading. Baidu announced that its Class A ordinary shares traded on the Hong Kong Stock Exchange have been included in the Stock Connect program, effective September 7.

Amgen shares fell 5.4% to $413.55 in premarket trading.

Hafnia Ltd shares declined 4.8% to $8.78 in premarket trading, after rising 3% on Friday.