Durect (NASDAQ:DRRX) stock is falling hard on Wednesday after the late-stage biopharmaceutical company released results from a Phase 2b clinical trial.
This clinical trial covered the efficiency of larsucosterol in treating patients with severe alcohol-associated hepatitis. The study included both 30 mg and 90 mg doses of the drug.
Unfortunately, that study did not meet its primary endpoint. It failed to show statistically significant results when compared to standard of care.
Even with these poor results, the company is betting on secondary results, which did meet its endpoint. This has it seeking Food and Drug Administration (FDA) guidance for a Phase 3 clinical trial of larsucosterol.
James Brown, D.V.M., President and CEO of Durect, said this in a press release:
“We have strong rationale to advance larsucosterol into a Phase 3 registration trial designed with adequate power to detect a statistically significant result using 90-day mortality as the primary endpoint. We look forward to meeting with the FDA to discuss next steps.”
DRRX Stock Movement Today
With these clinical trial results, shares of DRRX stock are seeing heavy trading as investors sell their shares. That has more than 2 million shares of the stock changing hands as of this writing. For the record, its daily average trading volume is about 294,000 shares.
DRRX stock is down 63.8% as of Wednesday morning.
Investors can find more of the most recent stock market stories for today below!
We’re diving into all of the latest stock market news that traders need to know about on Wednesday! A few examples of that include why shares of Gan (NASDAQ:GAN) and Heart Test Laboratories (NASDAQ:HSCS) stock are up today, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
More Wednesday Stock Market News
- Why Is Gan (GAN) Stock Up 94% Today?
- Why Is Heart Test Laboratories (HSCS) Stock Up 298% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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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.
