NEW YORK (TheStreet) -- Corcept Therapeutics (CORT) plummeted Wednesday after the company stopped a late-stage trial of its depression treatment drug Mifepristone after analysis determined it was unlikely to succeed.
Data analysis from the first 226 patients enrolled in the trial determined the drug did not significantly reduce psychotic depression symptoms. An independent safety committee analyzed the data and suggested stopping the trial because it was unlikely to produce positive results.
Corcept announced it would halt the trial to shift its focus to other, potentially more fruitful programs, especially in oncology.
Must Read: Warren Buffett's 10 Favorite Growth Stocks
The stock was down 47.26% to $2.12 at 12:01 p.m.