Mirati Therapeutics, Inc. (Nasdaq: MRTX) revealed disappointing news regarding the SAPPHIRE study, as it failed to meet its primary goal of overall survival in the final analysis. The Phase 3 study aimed to assess the effectiveness of sitravatinib, in combination with Bristol-Myers Squibb's (NYSE: BMY) nivolumab (OPDIVO), in comparison to docetaxel. The study focused on patients with second or third line advanced non-squamous non-small cell lung cancer (NSQ-NSCLC) who had experienced disease progression following prior treatment with chemotherapy and immune checkpoint inhibitor therapy.

In response to this announcement, $MRTX experienced a significant decline in after-hours trading, dropping to $39.20, marking a decrease of $4.64 per share or 10.58%.

On a different note, Annexon, Inc. (Nasdaq: ANNX) shared topline results from its ARCHER Phase 2 trial evaluating ANX007 in individuals with geographic atrophy (GA), a leading cause of blindness worldwide. While the trial showcased a dose-dependent preservation of visual function, the primary endpoint of mean rate of change (slope) in GA lesion area compared to sham at 12 months did not achieve statistical significance.

Following this announcement, $ANNX also faced a notable decline in after-hours trading, with the stock price falling to $3.70, resulting in a decrease of $1.47 per share or 28.43%.

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