Sage Therapeutics (SAGE.US) shares fell more than 10% before the market opened after an interim trial of a drug candidate for Alzheimer's disease failed.

Sage Therapeutics(SAGE.US) shares fell 11% as of writing after falling more than 30% in premarket trading on Tuesday after the company announced that its mid-stage trial of its Alzheimer's disease treatment dalzanemdor (SAGE-718) failed to meet its primary endpoint.

The Cambridge, Massachusetts-based biotechnology company cited data from its second-stage LIGHTWAVE trial, which measured the drug's effect on the disease compared to baseline according to the study's primary objective clinical scale.

LIGHTWAVE enrolled 174 patients with mild cognitive impairment or mild dementia due to Alzheimer's disease, who were randomly assigned to receive dalzanemdor or a placebo for 12 weeks.

Considering the trial's results, Sage said it would no longer develop dalzanemdor for Alzheimer's disease. However, the company added that no new safety signals were observed and the study drug was well tolerated in patients.

Data from another mid-stage trial of the drug for Huntington's disease is expected to be released later this year.