Shares of Oramed Pharmaceuticals (NASDAQ: ORMP) are plunging today, down by 76.7% as of 11:23 a.m. ET. The steep decline came after the company announced top-line results from its late-stage clinical study evaluating experimental oral insulin ORMD-0801 in treating type 2 diabetes.

Oramed said that the clinical study didn't meet its primary endpoint of improving glycemic control compared to placebo in patients with type 2 diabetes. The trial also failed to meet its secondary endpoint of mean change from baseline in fasting plasma glucose at 26 weeks. 

This late-stage flop was especially disappointing because the previous clinical studies evaluating ORMD-0801 produced positive results. Investors seemed to be optimistic at least through late last week, with Oramed's shares soaring more than 100% between Oct. 1, 2022, and Jan. 5, 2023.

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Source Fool.com