Why Concert Pharmaceuticals Stock Is Tanking Today
Shares of Concert Pharmaceuticals (NASDAQ: CNCE), a clinical-stage biotechnology company, dropped 38% as of 3:30 p.m. EST on Friday. The double-digit swoon is traceable to the release of downbeat clinic results from an important phase 3 trial.
Concert's licensing partner Avanir Pharmaceuticals announced phase 3 data today from a trial evaluating a drug called AVP-786 as a treatment for agitation in patients with Alzheimer's dementia. The study was designed to test the efficacy, safety, and tolerability of the drug.
Unfortunately, the study failed to meet its primary and key secondary endpoints. Specifically, patients who used AVP-786 did not show a statistically significant improvement in agitation when compared with the placebo group.
Source Fool.com
