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Why Halozyme (HALO) Stock Is Plunging Today

NEW YORK (TheStreet) -- Halozyme (HALO - Get Report) plunged Friday morning after the biopharmaceutical company announced that it would temporarily suspend enrollment in an ongoing Phase 2 trial of its PEGPH20 treatment of patients with pancreatic cancer.

The company said it would take "precautionary actions" in response to an independent data monitoring committee's suggestion on Thursday.

The data monitoring committee "is assessing clinical data that indicates a possible difference in the thromboembolic event rate between the group of patients treated with PEGPH20, nab-paclitaxel and gemcitabine versus the group of patients treated with nab-paclitaxel and gemcitabine without PEGPH20," according to Halozyme's statement.

The stock was down 24.78% to $8.72 at 9:56 a.m. on Friday.

Must Read: Why Exact Sciences (EXAS) Stock Is Higher On Friday

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

HALO Chart

HALO data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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