Bitcoin edged higher on Thursday, gaining 0.65% to trade at $62,627, while a dramatic 9% plunge in AstraZeneca shares stole the spotlight in broader markets. The pharmaceutical giant’s worst single-day drop since March 2020 came after its heart drug Wainua failed to meet the primary endpoint of a late-stage clinical trial, wiping roughly £23.3 billion ($31.21 billion) off its market value.
AstraZeneca’s Phase 3 CARDIO-TTRansform trial tested Wainua in 1,432 patients with transthyretin-mediated amyloid cardiomyopathy (ATTR-CM). Over 140 weeks, the drug did not show a statistically significant reduction in cardiovascular deaths or recurrent cardiovascular events compared to placebo. The result blindsided analysts who had expected success based on positive data from rival Alnylam’s Amvuttra.
Much of the blame fell on trial design: 57% of patients were already taking a different type of treatment, making it difficult to measure Wainua’s standalone benefit. Jefferies analysts said the failure on design grounds “would hit management credibility,” cutting $2.5 billion from their risk-adjusted sales model for the drug. BofA’s Sachin Jain called the miss “a surprise,” noting investors hadn’t considered a failure scenario.
The fallout rippled through biotech. Partner Ionis Pharmaceuticals tumbled 13.8%, while rival Alnylam Pharmaceuticals surged 17–18% on the perceived edge for its Amvuttra drug. BridgeBio Pharma also rose up to 16%. AstraZeneca and Ionis said they will continue analyzing the data, with full results expected at the European Society of Cardiology Congress in August.
Elsewhere, Levi Strauss dropped 6% despite beating Q2 revenue estimates, as tariff headwinds weighed on its outlook. Ampco-Pittsburgh jumped 14% after reporting a 32% jump in first-half orders to $268 million. S&P 500 futures inched up 0.10%, while Dow futures slipped 0.15%. Gold and Brent crude both climbed roughly 0.8%, and the 10-year Treasury yield stood at 4.593%.
Bitcoin’s modest gain came amid a mixed session for risk assets, with the Cboe Volatility Index futures rising nearly 4%. The crypto’s resilience above $62,000 contrasts with the sharp equity sell-offs in specific sectors, highlighting its current decoupling from traditional pharma-driven volatility.
