Con­cert crushed on PhII schiz­o­phre­nia flop; Am­gen's so­tora­sib gets BTD in Chi­na

Con­cert Phar­ma­ceu­ti­cals stock tanked near­ly 40% on Mon­day morn­ing when a ma­jor Phase II flop left the biotech no choice but to ax its schiz­o­phre­nia pro­gram.

The move leaves Con­cert with just one Phase III can­di­date for alope­cia area­ta in the pipeline, which CEO Roger Tung says is now the fo­cus of their ef­forts. Shares $CNCE hov­ered at around $6.90 on the news — a sharp drop from Fri­day’s close at $10.47.

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