NEW YORK (TheStreet) -- Endocyte (ECYT) plummeted more than 60% to a one-year low of $6.50 on Friday after the biopharmaceutical company stopped a late-stage trial of its experimental ovarian cancer drug.
The trial tested Vynfinit (vintafolide) in combination with a chemotherapy drug called pegylated liposomal doxorubicin (PLD) against a combination of PLD and a placebo. The drug did not improve survival rates in subjects without the cancer worsening.
Independent monitors had been reviewing the trial and recommended halting the trial.
Robert W. Baird downgraded the stock to "neutral" in the wake of the news.
The stock was down 62.26% to $6.56 at 11:07 a.m. More than 11 million shares had changed hands, which easily beat the average volume of 1,363,470.
For more on this story, read TheStreet's Adam Feuerstein's article here.