The rise and fall of Ono Pharmaceutical Co. in 2016 was a tale of two halves, and one drug.
Having surged as much as 34 percent as of mid-April, the stock finished the year down more than 41 percent, marking its worst performance in more than 50 years. The swing reduced its market capitalization by about ¥1.87 trillion ($15.9 billion) from a record high in April.
Ono's shares had surged almost fivefold from the start of 2013 through 2015, helped in large part by expectations for Opdivo, an immune-based cancer therapy that Ono co-developed with Bristol-Myers Squibb Co. The upward trend appeared poised to continue last year.