Relmada Therapeutics (NASDAQ:RLMD) stock is plummeting on Thursday as investors react to results from a Phase 3 clinical trial.
Unfortunately for RLMD stock, its RELIANCE III study didn’t go as planned. The company was seeking to determine the efficiency of REL-1017 in monotherapy to treat Major Depressive Disorder (MDD).
The big news here is that the clinical trial failed to meet its primary endpoint. That endpoint was the significant reduction of symptoms of MDD when compared to a placebo. Its Montgomery-Asberg Depression Rating Scale (MADRS) score dropped 14.8 points, as compared to 13.9 points for the placebo.
RLMD Will Continue Other MDD Studies
Maurizio Fava, Psychiatrist-In-Chief, Massachusetts General Hospital and Slater Family Professor of Psychiatry, Harvard Medical School, said this about the results.
While these RELIANCE III results are disappointing for patients, the need for new, safe and effective treatments for MDD continues to exist. We look forward to the data from the ongoing RELIANCE I and II trials of REL-1017, a potential new therapy for the adjunctive treatment of MDD.
News of the poor clinical trial results has RLMD stock seeing heavy trading today. As of this writing, more than 9 million shares have changed hands. That’s a massive surge compared to its daily average of 369,000 shares as investors sell off the stock.
RLMD stock is down 78.2% as of Thursday morning.
Investors seeking out more of the latest stock market news are in luck!
InvestorPlace has all of the hottest stock market news traders need to know about for Thursday! A few examples include why shares of Meta Materials (NASDAQ:MMAT), Taiwan Semiconductor (NYSE:TSM) and Walgreens (NASDAQ:WBA) stock are in the news. You can read up on all of that at the following links!
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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.
