Why Concert Pharmaceuticals Stock Cratered Today

Shares of Concert Pharmaceuticals (NASDAQ: CNCE) were cratering 28.9% as of 3:26 p.m. EST on Monday. The steep decline came after the company announced that experimental drug CTP-692 had failed to meet the primary and secondary endpoints in a phase 2 study as an adjunctive treatment for schizophrenia.

It's always bad news for a clinical-stage biotech stock when a candidate fails in clinical testing. What's even worse for Concert is that CTP-692 was one of only two candidates in its pipeline. 

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Source Fool.com