NEW YORK (TheStreet) -- Shares of Ampio Pharmaceuticals (AMPE) - Get Report are tanking 61.14% to $1.29 on heavy trading volume late Thursday afternoon after a phase 3 trial for its osteoarthritis pain treatment Ampion missed its primary endpoint.
"Even though we did not meet the primary end point in the PIVOT study, we are pleased with the consistent effect Ampion demonstrated in all of our clinical trials," CEO Michael Macaluso said in a statement.
The biopharmaceutical company is requesting a meeting with the FDA to present its Ampion data.
About 13.68 million shares of Ampio have been traded so far today, well above its average trading volume of roughly 411,640 shares per day.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Ampio's weaknesses include its disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: AMPE
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.