Medivation Stock Drops 67%
Mar 3, 2010 Company News, Stock to watch
Shares of Medivation (MDVN), sold off rather dramatically today, with the stock dropping from $40.25 to $13.10, a loss of 27.15%, after the company announced that an Alzheimer drug, Dimebon, that it is developing, did not show any “statistically significant improvements” over a placebo group, in a drug study and failed to meet its primary and secondary endpoints, with those endpoints being “cognition and global function.”
Medivation is developing the drug in partnership with Pfizer (PFE), which saw its shares drop 1.59% on the news.
In a press release issued by the company, the company’s CEO, Dr. David Hung, stated that, “the results from the CONNECTION study are unexpected, and we are disappointed for the Alzheimer’s community. We are working with our colleagues at Pfizer to better understand the CONNECTION data and we plan to present these data at an upcoming medical meeting.”
Tags: dimebon, medivation, pfizer
