Ionis slides after AveXis reports SMA data for Zolgensma

Ionis lost $10.61 (13%) to $72.67 on Wednesday after AveXis reported that Zolgensma improved event-free survival, motor function and milestone achievement in the Phase III STR1VE trial to treat the type 1 form of spinal muscular atrophy. The gene therapy, which is under FDA Priority Review for the indication, is given via a one-time IV administration, while Ionis' SMA therapy, Spinraza nusinersen, must be administered chronically for life using lumbar puncture.