Chimerix Inc CMRX shares are trading lower by a whopping 80 percent on Monday. The catalyst for the decline is the announcement that the company has missed a primary endpoint on its Phase 3 trail of Brincidofovir.
In rare price action, the issue has not been able to muster any of counter-trend rally. Following a trading halt, the issue declined from Friday's close ($35.57) to $14.56.
Since the reopen, it has been cut in half and is dipped into the $7 handle, with the current low being $6.92.
It should be noted the rout is taking place on much heavier than average volume as nearly 13 million shares have traded compared to its 20 day average of 848,000.
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