Inspire Pharmaceuticals, Inc (NASDAQ:ISPH) plunged 58.72% after failure to achieve any significant statistical data fro its second Phase 3 clinical trial, TIGER-2.
Shares of the biopharmaceutical firm fell flat 60% and trade closed at $3.47 a decline of $4.93 to hit its 52-week low of $3.43. Trading on high volumes, 23.67 million shares of the Company traded hands as compared to the 3 month average daily trading volume of 0.633 million shares.
The Company’s stock is currently trading below its 50-Day Moving Average and 200-Day Moving Average of $7.46 and $6.02 respectively with the market capitalization totaling $287.25 million on 82.84 million shares outstanding.
The trial was conducted to satisfy and prove the primary endpoint i.e. change from baseline in FEV1 (Forced Expiratory Volume in One Second) at the Week 48 Endpoint (48 weeks or last observation carried forward). The trial that uses denufosol tetrasodium for the treatment of cystic fibrosis (CF).showed a 40 ml improvement as compared to 32 mL for the patients receiving placebo.
The Company had expected to generate positive results from the second trial after an encouraging first trial but the trial failed to provide any statistically significant results after evaluation on the basis of rate of change in percent predicted FEV1, change from baseline in FEF25%-75% (Forced Expiratory Flow) and time to first pulmonary exacerbation.
