Why Adamis Pharmaceuticals, Immunomedics and Three Other Stocks Are Deep in Red Today?

ProNAi Therapeutics Suspends Lymphoma Drug

ProNAi Therapeutics Inc (NASDAQ:DNAI)’s stock nosedived more than 65% today to reach record lows after the company announced that it would end the development of lymphoma treatment drug following disappointing Phase 2 trial results. In a statement, CEO of ProNAi Therapeutics, Nick Glover, said that the company maintains a strong balance sheet and it will continue to work on its licensed Cdc7 inhibitor, PNT141 and advanced oncology drugs. A total of 12 hedge funds from our database were bullish on ProNAi Therapeutics Inc (NASDAQ:DNAI) at the end of March.

Immunomedics Struggles to Rebound After Embargo Violation Allegations

Immunomedics, Inc. (NASDAQ:IMMU) announced a 24% response rate in assessable patients with metastatic small-cell lung cancer (SCLC) for its lead investigational antibody-drug conjugate Sacituzumab Govitecan. The stock rose in premarket trading today following the announcement, but has lost more than 12% since the market opened. Shares of Immunomedics went down sharply on Friday after its presentation at a conference held by the American Society of Clinical Oncology (ASCO) was cancelled amid allegations that the company had violated conference’s embargo rules. Samuel Isaly’s OrbiMed Advisors is one of the 13 hedge funds from Insider Monkey’s database that reported stakes in Immunomedics, Inc. (NASDAQ:IMMU) as of the end of the first quarter of 2016.

Ocular Therapeutix’s Conjunctivitis Drug Fails to Meet Primary Endpoint  

Ocular Therapeutix Inc (NASDAQ:OCUL)’s stock has slid by around 42% so far today, after the company announced that second Phase 3 trial of Dextenza, its drug for the treatment of chronic allergic conjunctivitis failed to achieve its single primary endpoint. In a statement, Amar Sawhney, CEO of Ocular Therapeutix, said that the company is disappointed with the outcome of the results, but plans to meet with the FDA to discuss the results and chalk out an “appropriate path” towards the development of DEXTENZA. Only seven investors followed by Insider Monkey had stakes in Ocular Therapeutix Inc (NASDAQ:OCUL) at the end of the first quarter, down from nine funds a quarter earlier.

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