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Martket Watch / Biz - Money

Vanda Pharma shares decline as goal of itch drug study not reached

Vanda Pharmaceuticals Inc. VNDA, +4.26% shares fell in the extended session Wednesday after the biotech drug developer said a study of its treatment for a type of eczema did not reach the stated goal. Vanda shares fell 6.7% to $15.86 after hours, following a brief halt in trading. The company said a mid-stage clinical study of its drug tradipitant showed that while the drug showed improvement in itching in patients with atopic dermatitis compared with a placebo, the results were not statistically significant.