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.
Must Read: Endocyte Falls on Ovarian Cancer Drug Blowup
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.