NEW YORK (TheStreet) -- Ampio Pharmaceuticals (AMPE) - Get Report shares are down 65.76% to $2.71 in trading on Monday after the biopharmaceutical company announced that the multiple injection STRIDE study for pain reliever Ampion did not reach its primary endpoint.
The company said that based on its current projections, it has enough funds to continue operating through 2016 to complete additional trials on the drug and complete the necessary steps to bring the drug up to market approval.
"There is ample evidence from our multiple clinical trials that Ampion provides significant clinical benefit to a large number of patients with osteoarthritis of the knee. We are confident that Ampion will significantly improve the quality of life of patients suffering from OA," said CEO Michael Macaluso.
The company also said that its previously released 2015 financial guidance remains unchanged despite the disappointing test results.
TheStreet Ratings team rates AMPIO PHARMACEUTICALS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate AMPIO PHARMACEUTICALS INC (AMPE) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income and weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- You can view the full analysis from the report here: AMPE Ratings Report