On Friday, March 8th, AMAG Pharmaceuticals (NASDAQ:AMAG) made an announcement that sent the AMAG stock into the red. The stock ended up closing the trading day down nearly 20%.
Here’s what we know.
AMAG Pharmaceuticals Phase 3 Trial
Today, AMAG Pharmaceuticals said that its Phase 3 trial of Makena did not meet its primary endpoints. The trial had a sample size of 1700 patients, but after the progestin therapy, the company found the treatment made no statistically significant difference. Now that the trial has not met these endpoints, the Waltham, Massachusetts-based company plans to look at high-risk patients as well as patients enrolled in the United States. More details can be found here.
The AMAG Stock
The stock market didn’t take the news lightly. According to Yahoo Finance, at market close, AMAG stock was trading at $11.29. That means AMAG closed the day down 17.71%, making it a Yahoo Finance trending ticker of the day.
For those who don’t know, AMAG Pharmaceuticals is an American pharmaceutical company that develops therapeutic compounds primarily using its nanoparticle technology. These compounds treat anemia in patients with chronic kidney disease. For revenue, the majority comes through the sale of Makena, which was used in the failed Phase 3 trial, and Feraheme, which is a novel iron-replacement drug for patients with chronic kidney disease.
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