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Why Tekmira Pharmaceuticals (TKMR) Stock Is Plunging Today

NEW YORK (TheStreet) -- Tekmira Pharmaceuticals  (TKMR) plunged Thursday after the company announced it had received verbal notice from the FDA of a clinical hold on the company's TKM-Ebola Phase I clinical trial.

"We have completed the single ascending dose portion of this study in healthy volunteers without the use of steroid pre-medication," Tekmira said in a statement. "The FDA has requested additional data related to the mechanism of cytokine release, observed at higher doses, which we believe is well understood, and a protocol modification designed to ensure the safety of healthy volunteer subjects, before we proceed with the multiple ascending dose portion of our TKM-Ebola Phase I trial.

"We will continue our dialogue with the FDA, provided for under our Fast Track status, in order to advance the development of this important therapeutic agent."

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The stock was down 15.68% to $11.61 at 11:56 a.m. More than 1.1 million shares had changed hands by that point, compared to the average volume of 441,864. TKMR Price Chart

TKMR Price 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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