SYDNEY — Shares of PYC Therapeutics fell nearly 8% on Wednesday, erasing the previous session's gains as the Perth-based RNA drug developer's volatile run continued ahead of an important clinical data readout for its experimental kidney disease treatment.

The stock dropped 21 Australian cents, or 7.84%, to close at 2.47 Australian dollars on the Australian Securities Exchange. The decline more than wiped out Tuesday's 5.1% gain, when the shares rose to 2.68 Australian dollars.

The fall reduced the company's market value to roughly 2.4 billion Australian dollars, based on about 983.5 million shares outstanding.

The company did not appear to release any new announcement explaining the move.

Wednesday's decline extends a choppy period for the stock, which has swung sharply in recent weeks after a strong rally.

PYC shares surged 11.25% on Sept. 18 on heavy trading volume of nearly 52 million shares, around the time the company was added to the S&P/ASX 300 index at the September quarterly rebalance. The stock then climbed to an intraday high of 2.93 Australian dollars on Sept. 21, the top of its 52-week range.

Since then, the shares have drifted lower. The stock fell in five of the six sessions between Sept. 25 and Oct. 2, including a 6.34% drop on Oct. 1, before rebounding on Monday and Tuesday.

Even after Wednesday's drop, PYC shares remain far above their 52-week low of 1.05........

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