NEW YORK (TheStreet) -- Shares of Ocular Therapeutix (OCUL) - Get Ocular Therapeutix Inc Report are plunging 43.46% to $6.70 on heavy trading volume early Monday afternoon after a second Phase 3 trial of its pink eye treatment, Dextenza, didn't achieve its single primary endpoint.
The endpoint was defined as the difference in the mean scores in ocular itching between the treatment group and placebo group at three different time points seven days after the insertion of the depots.
"We are disappointed that the primary endpoint of ocular itching associated with allergic conjunctivitis was not achieved in our second Phase 3 trial in these patients, and this result is inconsistent with what we saw in our first Phase 3 trial," CEO Amar Sawhney, Ph.D., said in a statement.
About 2.4 million shares of Ocular Therapeutix have been traded so far today, well above the company's average trading volume of roughly 167,806 shares per day.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Ocular Therapeutix's weaknesses include its feeble growth in its earnings per share, weak operating cash flow, generally disappointing historical performance in the stock itself and deteriorating net income.
You can view the full analysis from the report here: OCUL
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