Ohr Pharmaceutical, Inc. (NASDAQ:OHRP) disappoints this week, the stock dropping over 80% – a complete one-eighty from many other biotech companies that have been soaring this week.
Ohr Pharmaceutical stock experienced a drop of $1.6462, going from yesterday’s closing price of $2.0200 to its current price of $0.3738 – it went from being over $2.00 to less than $1.00! That’s an 81.5% drop in stock price. That has got to hurt. This puts the company at its near-worst performance it has seen in a year, the 52-week range going from $0.35 to $2.18. So far, the day’s range has gone from $0.35 to $0.44 and it is unlikely going to rally anytime soon.
What caused the abysmal performance experienced by Ohr Pharmaceutical today? Today, the company reported the results of its MAKO study and to everyone’s disappointment, these results were far from what the company was looking for. The topline data reported from the MAKO study didn’t end up meeting its primary efficacy endpoint.
The MAKO study was meant to evaluate the efficacy and safety of Ohr Pharmaceutical’s squalamine combination therapy compared to the Lucentis monotherapy for the treatment of wet-AMD, or wet age-related macular degeneration, a condition affecting the eyes that can cause severe loss of central vision as a result of burst blood vessels. This study did evaluate the comparison, but unfortunately, the results were that there actually weren’t any differences in the efficacy and safety profile of the two treatment methods.
“We are very disappointed with the outcome of the MAKO study,” summed up Dr. Jason Slakter, the CEO of Ohr. “We are grateful to the patients and physicians who participated in the clinical trial. Based on these results, we intend to evaluate strategic alternatives to maximize shareholder value.”
But is it already too late for Ohr Pharmaceutical to make any sort of recovery? It’s going to have to come up with a solution fast if it wants to see any sort of stock rally in the near future.
Featured Image: twitter
