Evoke Pharma (EVOK) Stock Plummets After Late-Stage Trial Miss
NEW YORK (TheStreet) -- Shares of Evoke Pharma (EVOK) - Get Reportare sliding 72.51% to $2.95 this afternoon on heavy trading volume after a phase III clinical trial for the company's diabetic gastroparesis drug, EVK-001, for female patients missed its primary endpoint of symptom improvement at week four.
Over 8.4 million shares of the Solana Beach, CA-based pharmaceutical company's stock have traded so far today vs. the stock's average of 89,678 shares per day.
The company said in a statement that the topline data for the study showed similar improvement by week four between patients given EVK-001 and patients given a placebo.
Further, Evoke said that the results "were not consistent across study sites."
Once the company has complete datasets for the trial, it will conduct further analyses to understand the results.
"We continue to believe that EVK-001 is a promising treatment for patients who currently rely on oral drugs to treat their symptoms of gastroparesis," said CEO Dave Gonyer. "An update will be provided when we have more clarity on our steps ahead."