Adventrx Pharmaceuticals (ANX) shares absolutely crashed on Monday by almost 80% as the company announced that a phase 2b clinical trial for its metastatic colorectal cancer treatment:
...did not demonstrate statistically significant improved safety in the trial's primary endpoint, a reduction in the proportion of patients reporting at least one hematological or gastrointestinal adverse event of grade 3 or greater.
The company's shares closed at more than $2.50 last Friday before opening Monday's session at $0.81 and ended the day at $0.55. The company is now discussing the future course of this program, but is still optimistic about the other two programs ANX-530 and ANX-514.
Bargain hunters might be rewarded handsomely, especially if the company shows strong results from its ANX-530 equivalence trial and receives an NDA from the FDA, as the CEO hopes. But no matter what happens, it looks like those bargain hunters might have to be very patient, as Adventrx stock could dwell in pennyland for some time.
ANX 1-yr chart: