Why BiondVax Pharmaceuticals Stock Imploded Today

Shares of BiondVax Pharmaceuticals (NASDAQ: BVXV) closed Friday's trading session down by a whopping 86.3%, after plunging by as much as 90.5% earlier in the day. Investors sold off shares of the biopharmaceutical company after it reported negative results from a phase 3 clinical trial. 

BiondVax Pharmaceuticals is developing a potential stand-alone universal flu vaccine, M-001. In a pivotal clinical trial, the company tested M-001's safety and efficacy at reducing flu illness and severity. However, the experimental vaccine failed to meet both its primary and secondary efficacy endpoints during the trial, much to the dismay of BiondVax Pharmaceuticals. CEO Ron Babecoff said:

The significant need for better, more proactive flu protection is well-understood by clinicians and public health experts around the world, and we have devoted many years in pursuit of this worthy goal. Unfortunately, this study did not have the efficacy outcomes that we anticipated for M-001 on a stand-alone basis.

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Source Fool.com