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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