GTx Plunges Most Ever as Drug Fails to Meet Trial Goals
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GTx Inc., a drugmaker that recorded no revenue last year, plunged the most ever after the company said an experimental treatment failed to meet its goals in studies to combat muscle-wasting in lung-cancer patients.
GTx fell 66 percent to $1.43 at the close of New York trading, in its biggest one-day decline since an initial public offering in 2004. The Memphis, Tennessee-based company said today that its drug candidate, enobosarm, fell short of targets in two clinical trials.