Did You Lose Money Investing in Vistagen Therapeutics, Inc.? Contact Robbins LLP for Information About Your Rights Against VTGN

Investing.com – U.S. stocks were lower after the close on Wednesday, as losses in the Technology, Consumer Goods and Industrials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average lost 0.47%, while the S&P 500 index declined 1.16%, and the NASDAQ Composite index lost 1.81%.

The best performers of the session on the Dow Jones Industrial Average were Chevron Corp (NYSE:CVX), which rose 1.89% or 2.77 points to trade at 149.52 at the close. Meanwhile, Procter & Gamble Company (NYSE:PG) added 1.79% or 2.60 points to end at 147.81 and McDonald’s Corporation (NYSE:MCD) was up 1.33% or 4.19 points to 318.69 in late trade.

The worst performers of the session were Caterpillar Inc (NYSE:CAT), which fell 4.58% or 26.97 points to trade at 561.96 at the close. NVIDIA Corporation (NASDAQ:NVDA) declined 3.83% or 6.80 points to end at 170.92 and Nike Inc (NYSE:NKE) was down 2.06% or 1.38 points to 65.74.

The top performers on the S&P 500 were Devon Energy Corporation (NYSE:DVN) which rose 5.30% to 36.95, FMC Corporation (NYSE:FMC) which was up 4.71% to settle at 13.78 and ConocoPhillips (NYSE:COP) which gained 4.65% to close at 94.99.

The worst performers were GE Vernova LLC (NYSE:GEV) which was down 10.50% to 614.19 in late trade, Vistra Energy Corp (NYSE:VST) which lost 7.77% to settle at 159.97 and Generac Holdings Inc (NYSE:GNRC) which was down 6.78% to 144.82 at the close.

The top performers on the NASDAQ Composite were Mega Fortune Co Ltd (NASDAQ:MGRT) which rose 143.93% to 13.05, Processa Pharmaceuticals Inc (NASDAQ:PCSA) which was up 122.30% to settle at 6.68 and Agape ATP Corp (NASDAQ:ATPC) which gained 56.44% to close at 0.14.

The worst performers were Jyong Biotech Ltd (NASDAQ:MENS) which was down 81.04% to 2.92 in late trade, VistaGen Therapeutics Inc (NASDAQ:VTGN) which lost 80.25% to settle at 0.86 and Vision Marine Technologies Inc (NASDAQ:VMAR) which was down 49.46% to 0.49 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1483 to 1239 and 107 ended unchanged; on the Nasdaq Stock Exchange, 2226 fell and 1127 advanced, while 184 ended unchanged.

Shares in Mega Fortune Co Ltd (NASDAQ:MGRT) rose to all time highs; gaining 143.93% or 7.70 to 13.05. Shares in Jyong Biotech Ltd (NASDAQ:MENS) fell to all time lows; losing 81.04% or 12.48 to 2.92. Shares in VistaGen Therapeutics Inc (NASDAQ:VTGN) fell to all time lows; losing 80.25% or 3.50 to 0.86.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 6.92% to 17.62.

Gold Futures for February delivery was up 1.03% or 44.45 to $4,376.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February rose 2.94% or 1.62 to hit $56.75 a barrel, while the February Brent oil contract rose 2.87% or 1.69 to trade at $60.61 a barrel.

EUR/USD was unchanged 0.06% to 1.17, while USD/JPY rose 0.66% to 155.73.

The US Dollar Index Futures was up 0.24% at 98.03.

Investing.com -- Vistagen (NASDAQ:VTGN) stock plunged 78.8% Wednesday after the company announced its Phase 3 study of fasedienol for social anxiety disorder failed to meet its primary endpoint.

The late clinical-stage biopharmaceutical company reported that its PALISADE-3 trial did not demonstrate a statistically significant improvement on the primary endpoint measuring anxiety reduction compared to placebo. The study showed a least squares mean change from baseline on the Subjective Units of Distress Scale (SUDS) score of 13.6 for fasedienol versus 14.0 for placebo, resulting in a non-significant difference of 0.4.

The disappointing results contradict positive outcomes previously observed in Phase 2 and the company’s PALISADE-2 Phase 3 study. Secondary endpoints in the trial also showed no treatment difference between fasedienol and placebo, though safety data remained consistent with previous clinical trials.

"We are disappointed by the unexpected results of this public speaking challenge trial, which are inconsistent with positive outcomes observed in Phase 2 and our PALISADE-2 Phase 3 study," said Shawn Singh, President and Chief Executive Officer of Vistagen.

In response to the setback, Vistagen is implementing company-wide cash preservation measures aimed at extending its financial runway into 2027. The company plans to thoroughly review the study results and seek feedback from the FDA while maintaining strategic options across its pherine pipeline.

Fasedienol, which had previously received Fast Track designation from the FDA, is designed to modulate olfactory-limbic amygdala fear/anxiety neurocircuits without requiring absorption into the blood or uptake into the brain.

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