Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Onconova Therapeutics Inc (NASDAQ:ONTX) have plummeted after the company announced that it’s INSPIRE Phase 3 trial “did not meet its primary endpoint of improved survival.”
The study assessed the efficacy and safety of IV rigosertib in higher-risk MDS patients…
“We report these results with great disappointment, and we remain deeply indebted to every patient, physician, and family member involved in the study,” said Steven M. Fruchtman, M.D., President and Chief Executive Officer of Onconova.
Richard C. Woodman, M.D., Chief Medical Officer of Onconova said that “while the INSPIRE data readout in HR-MDS is a disappointment, as a RAS pathway inhibitor oral rigosertib could address a number of oncology settings outside of hematology,”
The news resulted in ONTX stock plummeting as low as $0.26 per share, a level not seen since April. It is currently trading at $0.2960, down by 70% in Monday trading after closing on Friday at $1.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .