Why was VIRX down

The stock price of VIRX has experienced a significant decrease on December 26, 2024, and December 27, 2024. The decline in Viracta Therapeutics' stock price can be attributed to **Strategic Review and Trial Closure**. Viracta Therapeutics has announced the closure of its pivotal Phase 2 NAVAL-1 clinical trial for Nana-val in relapsed/refractory EBV+ lymphomas. This strategic move was undertaken to conserve resources while exploring alternatives such as mergers or sales. The company's board initiated a process to explore a broad range of strategic alternatives, including a merger, licensing agreement, sale, or other strategic transaction. This exploration comes after the voluntary closure of the NAVAL-1 trial, which was not driven by any safety concerns. The market may have reacted negatively to this news, leading to the decline in the company's stock price.