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GTx stock crushed after Phase 2 trial failure; Baird downgrades company shares

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Shares of GTx Inc (NASDAQ:GTXI) cratered on Friday after its Phase 2 trial for enobasarm in post-menopausal women failed although the drug was safe and well tolerated by users in the test.

Robert Wills, the executive chairman of GTx, said in a statement they were “very disappointed that the…trial did not achieve its primary endpoint.”

The failure prompted Baird Equity Research to downgrade the stock to neutral.

“Given the disappointing ASTRID results, we are removing enobosarm from our model and lowering our price target to US$2 from US$30,” Michael Ulz said in a research note to clients.

Enobasarm was for post-menopausal with urinary incontinence. the trial enrolled 493 women and the trial was conducted at 60 centers across the US. 

Stress urinary incontinence (SUI) refers to the unintentional leakage of urine during activities that increase abdominal pressure such as coughing, sneezing or physical exercise. SUI, the most common type of incontinence suffered by women, affects up to 35% of adult women.

“We had a chance to catch up with the company and though a full review of the data will be conducted, we expect development of enobosarm in SUI to be discontinued, said Ulz.

READ: GTx shares surge on positive enobosarm trial data

Shares of GTx sank 92.2% to the 52-week low of US$1.81 and was trading down US$21.34 to US$1.95. Volume was very heavy at 13mln, dwarfing the average daily volume of 179,065 shares.

The prior session market cap of around US$500mln shriveled to US$47.73mln

Will said they are now gauging the potential of another program to treat castration resistant prostate cancer, and they are on target for development candidates at the end of 2018.

GTx is headquartered in Memphis, Tennessee. It is a biopharmaceutical company dedicated to the discovery, development and commercialization of small molecules for the treatment of muscle-related diseases and other serious medical conditions.

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/205454/gtx-stock-crushed-after-phase-2-trial-failure-baird-downgrades-company-shares-205454.html


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