There were many stocks which had a pretty tough time this past week and one of those was the Citius Pharmaceuticals (NASDAQ:CTXR) stock. The clinical stage biopharmaceutical firm saw its stock declining by as much as 17% and that took its losses for the past week to 43%. The selloff in the stock was triggered by underwhelming news with regards to the company’s lead product Mino-Lok.
The stock had actually made steady gains throughout June in anticipation of the third interim analysis for the Phase 3 trial of Mino-Lok, an antibiotic solution that might be helpful in saving central line catheters that might have got infected.
Investors are now possibly worried that the work in relation to Mino-Lok is going nowhere and that is thought to be the major reason behind the decline in the stock. In the third interim analysis, it was revealed that the product did not display any superiority. That is undoubtedly a disappointing development and hence, the decline in the stock price must not have come as a surprise to many. However, at the same time, it needs to be pointed out that in the press release, Citius did state that that everything was fine.
Market Reaction:
On Friday, CTXR stock slid by 17.31% at $2.15 with more than 43.21 million shares, compared to its average volume of 9.39 million shares. The stock has moved within a range of $1.9800 – 2.3800 after opening the trade at $9.39. Over the past 52-week, the stock has been trading within a range of $0.7800 – 4.5600.
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