GTx Inc. (NASDAQ:GTXI) is a biopharmaceutical company that is headquartered in Memphis, Tennessee, and was founded in 1997. The company focuses on discovering and developing medicines in the treatment of stress urinary incontinence (SUI) and prostate cancer.
GTx Inc. Clinical Trial Fail
On September 21st, GTx announced the results of its Phase 2 double-blind, placebo-controlled clinical trial. ASTRID is a drug given in either a 3 mg or 1 mg dose for post-menopausal women that have stress urinary incontinence (SUI). There were 500 women that participated in the trial.
The trial showed that ASTRID did not achieve statistical significance of the primary endpoint of the proportion of patients with a greater than 50% reduction in incontinence episodes per day compared to the placebo given.
“We are very disappointed that the ASTRID Trial did not achieve its primary endpoint,” said Robert J. Wills, Ph.D., Executive Chairman of GTx. “We plan to conduct a full review of all the data. We want to thank the patients, physicians, study coordinators and the entire GTx team for their support of this novel study. We have an ongoing preclinical program assessing the potential of SARDs, our novel selective androgen receptor degrader technology, to treat castration-resistant prostate cancer. We are currently on target to have development candidates by year end, which we potentially plan to take into IND-enabling studies.”
The morning of the 21st, the results were released to investors, and GTXI bottomed out. GTx Inc. closed the previous day at $23.31 a share. On the 21st, shares dropped immediately to $1.97 a share—over a -91% drop.
GTXI shares had remained stagnant since its sharp decline but saw a boost just this morning.
GTXI Shares Rebound
According to Yahoo finance, GTx saw a 112% increase when the market opened this morning. However, the stock has since corrected but is still trading in the green. At the time of writing, GTXI is trading at $1.91 a share, up $0.50 (+35.45%).
It remains unknown at this time why shares have boosted, as the company hasn’t announced an update in weeks.
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