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Why Concert Pharmaceuticals Stock Cratered Today

TheMotleyFool

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Why Concert Pharmaceuticals Stock Cratered TodayPhoto, wide shot, wide-angle lens, Medical device manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/3a7f6312-1eee-4702-9005-93cc1e62f970.png

Shares of Concert Pharmaceuticals (NASDAQ: CNCE) were cratering 28.9% as of 3:26 p.m. EST on Monday. The steep decline came after the company announced that experimental drug CTP-692 had failed to meet the primary and secondary endpoints in a phase 2 study as an adjunctive treatment for schizophrenia.

It's always bad news for a clinical-stage biotech stock when a candidate fails in clinical testing. What's even worse for Concert is that CTP-692 was one of only two candidates in its pipeline.

Image source: Getty Images.

Source Fool.com

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