Here's Why resTORbio Fell Over 83% Today
Shares of resTORbio (NASDAQ: TORC) fell over 83% today after the company reported that its lead drug candidate, RTB101, failed a late-stage clinical trial evaluating its potential to prevent respiratory illness in adults over 65. The company has discontinued development in that indication but will continue exploring its potential as a treatment for Parkinson's disease.
While resTORbio reminded investors that it ended September with $117 million in cash, that did little to stop a mass exodus from the company's shares. Investors adjusted the company's market valuation from over $320 million to roughly $50 million on the news.
As of 10:49 a.m. EST, the pharma stock was down 82.8%.
Source Fool.com
