Mural Oncology slumps after halting ovarian cancer drug trials

Mural Oncology's shares MURA.O slump 39.7% to $2.31 premarket

MURA says it is stopping late-stage trials testing its experimental drug, nemvaleukin, with Merck's MRK.N Keytruda, to treat ovarian cancer

Says trial unlikely to meet main goal as interim analysis shows no significant improvement in overall survival in patients given the combination (10.1 months) vs just chemotherapy (9.8 months)

Co says to focus on another trial for the treatment of mucosal melanoma, a rare type of cancer that starts in mucous producing areas of the body

As of last close, MURA stock down 11.3% in the past 12 months