Sepracor, Inc. (SEPR) gapped open sharply lower on Thursday and has continued to fall in the first few minutes of trading. The slide has come on strong volume.
The stock is now trading at $14.43, down $3.48 on the session. The decline takes the stock off a multi-month high reached on Wednesday, bringing shares to their lowest level in more than a month.
Late Wednesday, Sepracor said its Phase II clinical trial to evaluate efficacy and safety of SEP-225289 for treatment of major depressive disorder did not meet the primary end-point.
The Marlborough, Massachusetts-based company said that the experimental depressive disorder drug did not meet the primary efficacy endpoint of reducing symptoms of depression following eight weeks of treatment, as assessed on the clinician-rated 17-item HAM-D scale.
The positive control in the study did achieve separation from placebo that was statistically significant on the primary endpoint.
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