RHHBY Phase 3 readout: a negative outcome, -7.3%

On March 16, 2020, Omalizumab — Roche Holding AG (Nasal Polyps) reached its Phase 3 readout. The result was a negative outcome, and the stock moved -7.3% in the window around the event. It had already run -7.1% in the 30 days into the catalyst — the kind of pre-event run-up that often precedes binary readouts.