The Atossa Therapeutics (NASDAQ:ATOS) stock has been in the middle of a strong downward spiral over the past two days and during the period, it has tanked by 40%.
The slide in the stock started on Wednesday after Atossa announced published the final data from the Phase 2 clinical study of its breast cancer product Endoxifen. However, it is also necessary to point out that in the trial, the product managed to its primary goal of actually reducing Ki-67. Ki-76 is a well known measure for tumour activity.
Ki-67 was reduced by 25% and Atossa claimed that the magnitude of the reduction was ‘potentially clinically meaningful’. The company referred to studies which have shown that reduction of Ki-27 below 25% can bring about improvement in chances of long term survival of the patient. The news was largely positive and the selloff in the stock could be a case of investors ‘selling the news’. Many might have hoped for even better data as well.
As of 12.17: ATOS stock is trading up by 2.33% to $4.16. More than 7.93million shares traded hands, compared to its average volume of 13.54 million shares. The stock has gained over 59% in the past month.