Here's Why the Market Is Eviscerating Otonomy Inc. Stock Today
Otonomy Inc. (NASDAQ: OTIC) stock cratered Wednesday morning after the biotech and biopharmaceuticals company announced truly dismal results from a pivotal Phase 3 trial for its steroid candidate Otividex. Investors viewed the experimental treatment as the stock's main value driver, and word of its trial failure drove the stock 81.5% lower as of 12:02 p.m. EDT.
About 600,000 U.S. patients suffer from Meniere's disease, an incurable inner-ear affliction that leads to vertigo and progressive hearing loss. These patients lack effective treatment options, and now it looks like Otividex isn't going to be one.
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Source: Fool.com