CLXT - Why Is Viveve Medical (VIVE) Stock Down 69% Today?
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Viveve Medical (NASDAQ:VIVE) stock is falling hard on Tuesday after releasing results from the company’s latest clinical trial.
That trial covers the use of the Viveve treatment for women suffering from stress urinary incontinence. 415 subjects took part in the clinical trial, which saw them split into groups on a 2:1 ratio for the active treatment or a sham treatment.
The bad news for VIVE stock this morning is the clinical trial’s topline results failing to meet the primary endpoint. This saw patients with over a 50% reduction in leakage in the active group come in at 49.8%. For comparison, that percentage was 56.7% for patients in the sham group.
Scott Durbin, CEO of Viveve Medical, said the following about the clinical trial results affecting VIVE stock today.
“We are extremely disappointed that the PURSUIT trial did not achieve its primary efficacy endpoint. Based on the reported results, we do not see a path forward, nor do we intend to pursue FDA registration of our Viveve® System and its dual-energy treatment for SUI in women.”
What’s Next for VIVE Stock?
Things aren’t looking good for VIVE shares following today’s news. In the same news release revealing the study results, the company details its future plans. That includes a major reduction to its workforce, as well as more drastic measures.
According to Viveve Medical, it will consider strategic alternatives following the failed clinical trial. The company notes that this could result in the sales of the company’s business or assets. VIVE may also choose to wind down its operations.
This has heavy trading dropping VIVE stock as investors sell shares. As of this writing, nearly 1 million shares of the stock have changed hands. For the record, the company’s daily average trading volume is about 88,000 shares.
VIVE stock is down 69.4% as of Tuesday morning.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news for Tuesday! A few examples include what’s happening with shares of MGO Global (NASDAQ:MGOL) and Calyxt (NASDAQ:CLXT) stock, as well as this morning’s biggest pre-market stock movers. All of that info is available at the following links!
More Tuesday Stock Market News
- Why Is MGO Global (MGOL) Stock Up 37% Today?
- Why Is Calyxt (CLXT) Stock Up 140% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
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