Shares of

Connetics

(CNCT)

continued to fall this afternoon, lately down 79%, after the company said it dropped plans to seek approval of

TST Recommends

Relaxin

to treat the skin disease scleroderma. The company made the decision after the results of a Phase III trial didn't meet its primary goals.

The stock was the biggest percentage loss leader in early morning trading as it fell $19.81 to $5.69 from Friday's close of $25.50.