Poniard Pharmaceuticals Shares Slammed

Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) today announced that its Pivotal Phase 3 SPEAR trial of Picoplatin did not meet primary endpoints. The trial was conducted with the U.S. Food and Drug Administration (FDA) under a special Protocol Assessment.

Today, MPM Capital and Bay City Capital are taking it on the chin with the bad news from PARD as they are the biggest holders of shares of Poniard Pharmaceuticals.

As a result, shares of Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) have plunged 79% to $1.58 in the pre-market session. The 52 week trading range for PARD is $1.05 - $9.14. So far this year, PARD is up over 292%.