Source: Numstocker/Shutterstock.com
GlycoMimetics (NASDAQ:GLYC) stock is taking a beating on Monday after the biotechnology company announced results from a Phase 3 clinical trial.
Unfortunately for GLYC stockholders, this clinical trial failed to produce satisfactory results. This study focused on the use of uproleselan as a treatment for relapsed/refractory acute myeloid leukemia.
The company notes the study didn’t “achieve a statistically significant improvement in overall survival in the intent to treat population versus chemotherapy alone.” Patient survival hit a median of 13 months as compared to 12.3 months just with chemotherapy.
GlycoMimetics CEO Harout Semerjian said the following in the clinical trial update.
“We are thoroughly analyzing the data in collaboration with medical, statistical and regulatory experts and are committed to submitting a comprehensive data analysis for presentation at an upcoming medical meeting.”
How This Affects GLYC Stock Today
GlycoMimetics stock is seeing heavy trading alongside its clinical trial results. That has more than 4.4 million shares changing hands as of this writing. That’s well above its daily average trading volume of about 516,000 shares as investors sell GLYC stock.
GLYC stock is down 76.8% as of Monday morning.
There are more stock market stories worth reading about below!
We have all of the hottest stock market news traders need to know about on Monday! A few examples include what’s going on with shares of Perficient (NASDAQ:PRFT) and Strong Global Entertainment (NYSEMKT:SGE) stock as well as the biggest pre-market stock movers this morning. All of this news is ready to go at the following links!
More Monday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2024/05/why-is-glycomimetics-glyc-stock-down-77-today/.
©2024 InvestorPlace Media, LLC
