Argos Therapeutics (ARGS) plummeted Wednesday ahead of the opening bell, losing 72% of its value before the markets even opened.
Argos, which makes drugs for cancer, announced that an independent board recommended that it discontinue its late-stage trial for a drug to treat metastatic renal cell carcinoma.
The company's shares were trading at around $1.25 apiece ahead of market's open. This was after falling 6% Tuesday during intraday trading.
The company fell over 4% during intraday trading Tuesday, only to rebound Wednesday morning, hitting $16.98 per share, up more than 7% from Tuesday's close. The company posted net product sales in 2016 of $455 million, a 33% increase over 2015, but at its low end of its guidance.
Meanwhile, PDL Biopharma (PDLI) - Get Report was climbing ahead of market's open as well Wednesday. Shares were up 5.8% before the opening bell, hovering around $2.35 per share. The publicly traded shell company manages patents owned by companies like Roche (RHHBY) and others.
On Feb. 22, the company announced it would release fourth quarter earnings on March 1.
Ahead of market's open Wednesday, Trevena was climbing 4.5%, hitting $4.46 per share.
The company announced Wednesday that it boosted its underwritten public offering of 5,102,041 shares of its common stock at a price to the public of $24.50 per share. This will likely raise $125 million for the company, according to its press release.