ORMP - Why Is Oramed (ORMP) Stock Down 75% Today?
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Oramed (NASDAQ:ORMP) stock is falling hard on Thursday after releasing data from a Phase 3 clinical trial.
This clinical trial saw Oramed testing the efficiency of ORMD-0801 in patients with Type 2 Diabetes at 26 weeks against those taking a placebo. The study included 710 patients that had inadequate glycemic control after using two or three oral glucose-lowering agents.
The big news affecting ORMP stock today is that the clinical trial did not meet its primary endpoint. That’s in contrast to the positive results the company has seen from its prior clinical trials of ORMD-0801.
Nadav Kidron, CEO of ORMP stock, said the following about the study results.
“Once full data from the studies are available, we expect to share relevant learnings and future plans. We thank all the patients, families and healthcare professionals who participated in the trial.”
What This Means for ORMP Stock
It’s no surprise that poor clinical trial results are hitting ORMP stock. Pharmaceutical companies dedicate large sums of money to the development of drugs. As such, when one fails, it leaves the company with little to no way to regain that investment.
Investors are taking note of that with heavy trading of ORMP stock today. As of this writing, more than 18 million shares are on the move as traders sell the stock. For the record, the company’s daily average trading volume is closer to 418,000 shares.
ORMP stock is down 76.2% as of Thursday morning.
There’s plenty more stock market news for traders to dive into below!
We’ve got all of the latest stock coverage investors need to know about on Thursday! Among that is what has shares of Disney (NYSE:DIS), Lucid Group (NASDAQ:LCID), and Bed Bath & Beyond (NASDAQ:BBBY) stock moving today. You can catch up on all of that at the following links!
More Thursday Stock Market News
- DIS Stock Alert: What to Know About Disney ‘s Activist Investor Battle
- LCID Stock Alert: Watch This KEY Lawsuit News
- BBBY Stock Alert: Will a Short Squeeze Keep Bed Bath & Beyond From Bankruptcy?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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