NEW YORK (TheStreet) -- Shares of Nymox Pharmaceuticals (NYMX) - Get Report fell 8.46% to $1.48 in late morning trading Tuesday as investors took some profits following the stock's surge on Monday.

Nymox was up approximately 50% on Monday after the company announced long-term clinical trial results from its NX-1207 Phase 2 prostate cancer study NX03-0040.

The results showed statistically significant better outcomes at up to 2.8 years for patients treated with NX-1207 compared to controls.

The trial included 146 patients with low grade localized prostate cancer at 44 U.S. investigational sites.

"These new results show the potential of NX-1207 to offer men with the most common form of low-grade prostate cancer a significant tangible benefit in terms of avoidance of radiation and/or surgery and the related risks, discomforts, and permanent side effects," said Nymox CEO, Paul Averback M.D., in a statement. "The results show a significant positive effect from a single painless injection which is very exciting."

More than 2.4 million shares had changed hands as of 11:20 a.m., compared to the daily average volume of 1,252,310.

NYMX data by YCharts

Image placeholder title