Why Celgene Crashed 30% in October -- and What Now?
Few industry watchers expected much out of GED-0301, yet its failure in a phase 3 study, plus anemic sales growth for one of its most important drugs, caused Celgene Corp. (NASDAQ: CELG) shares to lose 30.8% of their value in October, according to S&P Global Market Intelligence.
On October 19, Celgene pulled the plug on two Crohn's disease studies evaluating GED-0301 after independent monitors determined GED-0301 wouldn't be able to outperform the control arm of its study.
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Source: Fool.com