Agios Pharmaceuticals dropped its next-generation sickle cell drug Tuesday after a failed Phase 2 study. Agios stock tumbled.

The study failure costs Agios a chance to one-up Novo Nordisk and represents yet another setback in a disease that’s frustrated drugmakers of late.

Agios Pharmaceuticals dropped its next-generation sickle cell drug Tuesday after a failed Phase 2 study. Agios stock tumbled.